Tiger Global and others invest $30 million in Progcap.

progcap funding

Progcap, a fintech firm, acquired $30 million in a Series C investment from Tiger Global Management and Creation Investments on Monday. Sequoia Capital India, which had led Progcap’s previous two capital rounds, was also involved in this round.

In the previous three months, Progcap has raised a total of $55 million.

The funds will be used to expand and deepen the startup’s supply chain banking platform for its merchants and corporate network in India. By March 2022, Progcap hopes to have disbursed $1 billion.

Pallavi Shrivastava and Himanshu Chandra, co-founders, spoke about the fundraising, saying,

“The current fundraising round will enable us to focus our resources on our goal of becoming the leading digital bank for small businesses. While we are gaining traction with a number of major corporate clients, we have just begun to scratch the surface of India’s enormous retail sector. Our overall goal as a company is to be an end-to-end service provider for all retail transactions.”

Abhinav Singh (ex-Associate Partner, McKinsey & Co), who has joined as Chief Development Officer, and Ashish Gupta (ex-CTO, Policy Bazaar), who is now heading the startup’s tech and product divisions, have both joined Progcap in the last three months to help drive the company’s growth.

“We are thrilled to double down and continue funding the Progcap team,” said Alex Cook, Partner, Tiger Global. “We have been impressed with the positive customer response and believe Progcap will continue to attract merchants looking for a contemporary credit and banking platform,” he said.

Progcap increased its monthly disbursal volume by 400% in a year and expanded its commercial activities to ten industries.

“We are excited to join Sequoia Capital India and Tiger Global Management in assisting Progcap in revolutionizing supply chain finance in India and providing inexpensive unsecured lending to India’s micro, small, and medium-sized businesses. In a tough macro climate, the company’s remarkable growth and impeccable portfolio quality speak eloquently about the Progcap team and their unique MSME Buy-Now Pay-Later product,” stated Tyler Day, Partner, Creation Investments.

Progcap’s technology is being used by over 60 corporations and 450,000 retailers to fund almost 30% of their vast sub-dealer networks. On the basis of its supply chain-driven business model and risk assessment system, the firm has disbursed Rs 2,500 crore to these networks.

“During the last couple of years, we have had the privilege of witnessing Pallavi and Himanshu build Progcap into a transformational force and reshape the supply chain finance business in India. They have demonstrated their commitment to understanding the unique needs of retailers and serving them flawlessly by creating robust and scalable solutions,” added Manu Rihkye, Partner at GrowX Ventures.

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For publishing an advertorial article about your company on our website, drop an email at taniya@startuplanes.com