Fintech platform SuperMoney has raised $1 million (Rs7 crore) from early-stage investor Unitus Ventures.
Unitus Ventures stated that the startup plans to make use of the capital to strengthen its staff throughout know-how, enterprise improvement and back-end operations and to increase operations past the 12 cities it’s current in now.
Mumbai-based SuperMoney was based by non-public fairness and danger administration professionals Shiv Nandan Negi and Nikhil Banerjee and commenced operations in January 2018. The corporate affords gig financial system and blue-collar employees a collection of monetary merchandise targeted on customised credit score, financial savings and insurance coverage options. SuperMoney’s clients embrace cab drivers, supply personnel, store ground employees and different blue collar workers employed by companies.
Banerjee, co-founder of SuperMoney, stated in a press release, “The blue-collar shopper and the rising gig-economy segments are at present not serviced by conventional banks and NBFCs (non-banking monetary corporations) and that is the $100 billion market alternative that we’re tapping into.”
SuperMoney has 300,000 buyer registrations on the platform and has facilitated disbursement of over 55,000 loans, the assertion added. At current, SuperMoney affords loans with a mean ticket measurement of Rs10,000 for a tenure of 2-Three months.
The startup has partnered with corporations together with Uber, Swiggy, Shuttl, Udaan and MedPlus, to increase its suite of merchandise. “We intention to service a million clients within the subsequent 24 months,” Banerjee stated.
“SuperMoney’s enterprise-led method makes their skill to amass and repair clients extra environment friendly and never simply underwrite but additionally navigate credit score cycles higher. They’re going past simply credit score and provide a collection of monetary merchandise that makes them engaging to clients and their staff,” stated Srikrishna Ramamoorthy, Companion at Unitus Ventures.
SuperMoney is operational in Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai, Kolkata, amongst different cities.
In October 2017, the startup raised an angel spherical of funding from traders together with Shachindra Nath, Chairman of Ugro Capital and Madhukar Gangadi, founding father of MedPlus.