Supermoney bags $3.4 million in funding round led by Capital 2B, Capria Ventures
digital lending platform Supermoney has raised $3.4 million (Rs 28.6 crore) in a funding round led by Capital 2B and Capria Ventures.
The funds will be used to expand the company’s loan disbursement activities and improve operational efficiencies by leveraging technology.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitFounded in 2018, Supermoney tailors supply chain finance solutions for its enterprise partners. It has partnered with brands across sectors such as electronics, pharmaceuticals, steel, auto parts, and automotives.
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The startup operates in over 40 locations, with a network of over 30,000 retailers/dealers, more than 50 anchors, and over 500 distributors pan India on the platform.
“We are thrilled at securing this investment as it marks a pivotal moment in our journey. We're seizing an $800-billion domestic market opportunity, which has so far been underserved by traditional banks and NBFCs,” said Nikhil Banerjee, cofounder and director, Supermoney.
“Our aim is to reach 500,000 MSMEs within the next two years and drive invoicing volumes in excess of $5 billion on the platform,” Banerjee added.
Commenting on the investment, Amit Behl partner Capital2B, said, “Business in India works on credit, and as the economy powers to $5 trillion-plus, supply chain financing will continue to see
