Supermoney raised INR 28.6 Cr ($3.4 Mn) in Series A funding from Capital 2B and Capria Ventures.
Funds will be used to expand operations and increase loan disbursements.
Supermoney operates in over 40 locations, partnering with more than 30,000 retailers and dealers.
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Supermoney, a digital platform offering working capital solutions, has raised INR 28.6 Cr ($3.4 Mn) in a Series A funding round from Capital 2B and Capria Ventures.
The fresh funds will be used to expand Supermoney’s operations and increase loan disbursements.
Currently, the company operates in over 40 locations with more than 30,000 retailers and dealers, 50 anchors and over 500 distributors across India.
The company, founded in 2018 by Nikhil Banerjee and Shiv Negi Nandan, partners with major brands in sectors like electronics, pharmaceuticals, steel, auto parts and automotive to offer customised payment and finance solutions for business supply chains.
“This investment marks a significant milestone for us. We are targeting an $800 Bn market opportunity underserved by traditional banks and NBFCs. Our goal is to reach 500,000 MSMEs within the next two years and drive invoicing volumes exceeding $5 Bn on our platform,” said Banerjee.
Supermoney competes with the likes of KredX, Lendingkart and Capital Float.
While KredX has been expanding its services and recently entered into export financing, Lendingkart has reported significant increases in its financial performance and acquired a digital lending platform.
The digital lending market size is set to grow from $270 Bn in 2022 at a CAGR of 22% between 2022 and 2030, as per Inc42’s report ‘State Of Indian Fintech Ecosystem Q3 2022. InFocus: Neobanks’.
In essence, the total digital lending market is set to increase by almost 5X, driven by many favourable socioeconomic factors throughout the decade.
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