New Delhi-based fintech startup Progcap has raised $30 million in Series C funding round from existing investors- Tiger Global Management and Creation Investments. The funding round also saw participation from Sequoia Capital India, which had led the last two funding rounds for Progcap.

The fintech startup plans to use the raised capital to build a broader and deeper supply chain banking platform for its merchants and corporate network in India. 

Progcap | Financing The Last Mile

Started in 2017 by Himanshu Chandra and  Pallavi Shrivastava, Progcap is a fintech startup working to unlock the transformational impact of millions of micro and small enterprises in the last mile by providing them affordable, customized finance and digitizing their supply chains.

The fintech startup uses a mix of technology and its unique delivery model to underwrite credit, providing the underbanked semi-urban and rural retailers in India access to flexible working capital.

Speaking on the development, Pallavi Shrivastava and Himanshu Chandra said,

“The recent funding round will help us allocate resources toward our aspiration to become the largest digital bank for small retailers. While we are becoming relevant to many large corporate clients, we have only scratched the surface of India’s vast retailer market. As an organisation, our broader mission is to be an end-to-end service provider for all retailer transactions.”

As per the startup, it has grown its monthly disbursal volume by 400% in one year and expanded business operations across ten industries.

Currently, Progcap’s platform is tapped by over 60 corporates and 450,000 retailers, financing close to 30% of their sprawling sub-dealer networks. Additionally, Progcap has disbursed Rs 2,500 crore to these networks and aims to reach $1 billion in disbursals by March 2022.

In February 2021, the New Delhi-based fintech startup raised Rs 10 crore in a debt funding round from Stride Ventures.

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