The funds will be used to expand the company’s loan disbursement activities and improve operational efficiencies by leveraging technology.
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Founded 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.
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.
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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 innovation and digitisation.”“The Supermoney team has demonstrated excellent execution with impressive growth despite operating in a fragmented market…Supermoney is poised for exponential growth in the coming years, leveraging technology to unlock a massive market opportunity and tackle the credit financing problem plaguing millions of small businesses across the country,” said Surya Mantha managing partner Capria Ventures.
On June 6, ET reported that Pune-based consumer lending startup Fibe, previously known as EarlySalary, closed a $90-million financing round that included a secondary share sale by some existing investors. The round saw participation from Hong Kong-based TR Capital, which pumped in around $32 million to acquire a mix of secondary and primary shares, along with Trifecta Capital and Amara Partners.
