(MENAFN- KNN India)
New Delhi, Jun 20 (KNN) Supermoney, a digital lending platform focused on small and medium enterprises (SMEs), has raised USD 3.4 million in a recent funding round. The investment was led by Capital 2B and Capria Ventures.
The start-up, founded in 2018, plans to utilise the newly acquired funds to accelerate loan disbursement activities and enhance operational efficiencies through technological advancements.
Supermoney specialises in tailoring supply chain finance solutions for its enterprise partners spanning various sectors, including electronics, pharmaceuticals, steel, auto parts, and automotive.
With operations in over 40 locations across India, Supermoney has established a robust network comprising over 30,000 retailers and dealers, more than 50 anchor companies, and over 500 distributors on its platform.
The company aims to reach 500,000 micro, small and medium enterprises (MSMEs) within the next two years and drive invoicing volumes exceeding USD 5 billion through its platform.
"We are delighted to secure this investment, marking a pivotal moment in our journey," said Nikhil Banerjee, Co-founder and Director, Supermoney.
He further highlighted, "We are seizing an USD 800-billion domestic market opportunity, which has been underserved by traditional banks and non-banking financial companies (NBFCs)."
Amit Behl, Partner, Capital2B, commented on the investment, stating, "Business in India operates on credit, and as the economy powers towards USD 5 trillion-plus, supply chain financing will continue to witness innovation and digitisation."
Surya Mantha, Managing Partner, Capria Ventures, added, "The Supermoney team has demonstrated excellent execution with impressive growth despite operating in a fragmented market.
He expressed,“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."
(KNN Bureau)
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