Supermoney, an SME-focused digital lending platform, has successfully raised $3.4 million (Rs 28.6 crore) in its Series A funding round. This round was led by Capital 2B and Capria Ventures. Previously, in February 2020, the startup had secured $1 million (Rs 7 crore) from early-stage investor Unitus Ventures.
The newly acquired funds will be utilized to accelerate the platform’s growth and expand its disbursement capabilities, Supermoney announced in a press release.
Founded in 2018 by Nikhil Banerjee, Supermoney is a digital platform providing working capital solutions to businesses through customized payment and finance solutions tailored specifically for their supply chains. The Mumbai-based startup has established partnerships with major brands across various sectors, including electronics, pharmaceuticals, steel, auto parts, and automotive.
Operating in over 40 locations across India, Supermoney has integrated 30,000 retailers and dealers, over 50 anchor partners, and more than 500 distributors on its platform.
Commenting on the latest funding, Banerjee said, “This investment will significantly enhance our ability to provide seamless financial solutions to SMEs, ensuring they have access to the capital necessary for their growth and operational needs.”
The support from Capital 2B and Capria Ventures marks a significant milestone in Supermoney’s journey, positioning it for robust growth and expansion in the competitive digital lending market.
