The India-based retail financing startup Progcap has bagged US$ 25 million in equity in a Series B funding round led by Tiger Global on 21 June 2021.
Investors: The Series B funding round, led by Tiger Global, also involved participation from existing investor Sequoia Capital India. The company has secured a total US$ 32.3 million funds to date.
Purpose of the funding: The company will deploy these funds to expand presence across existing geographies, to scale up the team, strengthen the technology differentiation and grow and explore new products as it dreams to become a full stack digital platform for underserved retailers.
About Progcap
Founded by Pallavi Shrivastava and Himanshu Chandra in 2017, Progcap is a financial service company that gives financial opportunities for micro and small businesses. It also deploys a combination of technology and its exceptional delivery model to finance credit and thus assists the underbanked semi-urban and rural retailers in India in gaining access to flexible, collateral-free working capital. In a short period, Progcap has reached 3 lakh retailers over 50 corporates and gave more than Rs 1,500 crore in loans. The firm seeks to become a full stack retailer-anchored digital bank which allows capital flow over the supply chain to underprivileged retailers. It intends to bring a positive change in the business of over 5 million enterprises before 2024.
What the Founder has to say: “It is delightful to have Sequoia Capital India invest again in Progcap. We are exhilarated to have Tiger Global accompany us in our growth path. Constant trust shown by our customers, partners and investors is evidence of our teams’ determination and resilient efforts. We are dedicated to pursuing our endeavours in creating India’s biggest digital banking portal for underserved retailers.”- Pallavi Shrivastava, Co-founder of Progcap.
What the Investors have to say: “We look forward to partnering with the proficient team of Progcap as they aid small and medium enterprises in availing financing services. Progcap has an innovative and unique model and huge potential for growth in an underserved market.”- Scott Shleifer, Partner at Tiger Global. “Modernisation of Indian supply chains with the emergence of GST makes Progcap’s role important in addressing the financial needs of retailers. Our professionals are happy to support Progcap and strengthen their partnership through this deal.” Ashish Agrawal, Principal at Sequoia Capital India.
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