SuperMoney raises $1 million in funding from early-stage investor firm Unitus Ventures

The Mumbai-based Fintech startup-SuperMoney was founded by private equity and risk management professionals Shiv Nandan Negi and Nikhil Banerjee in January 2018. The startup provides gig economy and blue-collar workers a suite of financial products focused on customised credit, savings and insurance solutions. SuperMoney’s customers include cab drivers, delivery personnel, shop floor workers and other blue collar staff employed by corporations. SuperMoney operates in several metro-cities like Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai, Kolkata and other smaller cities. 
This Fintech firm has over 300,000 customer registrations on the platform and has facilitated disbursement of over 55,000 loans. At present, SuperMoney offers loans with an average ticket size of Rs.10,000 for a tenure of 2-3 months. The company has partnered-up with several other startups such as Uber, Swiggy, Shuttl, Udaan and MedPlus. These partnerships are done with a purpose of extending its range of products. SuperMoney’s enterprise-led approach makes the company’s ability to acquire and service customers more efficient and not just underwrite but also navigate credit cycles better. 
Earlier, in October 2017, the startup had raised funding from an angel round of investment which included investors like Shachindra Nath, Chairman of Ugro Capital and Madhukar Gangadi, founder of MedPlus.
Recently, the startup has raised $1 million(about Rs.7 crore) in funding from Unitus Ventures which is an early-stage investment firm. The startup will be absorbing these fresh funds to strengthen its team across technology, business development and back-end operations and to expand operations beyond the 12 cities it is present in now. The company is targeting 1 million customers over the period of the next 24 months.

Co-founder Nikhil Banerjee said, “The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs (non-banking financial companies) and this is the $100 billion market opportunity that we are tapping into.”

SuperMoney now has its reach which goes well beyond just providing credit. The startup now offers a suite of financial products which makes them attractive to target customers and their employees. Thus, the company has a wide scope in dealing with this field and the needs of the potential target customers are ever enough for now.

Authored by Soham Angal, Content Head (Startup Monk)

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