B2B Lending Platform Progcap Raises $40 Million As Part Of Series C
Progcap, a New Delhi-based B2B lending platform, has raised $40 million in an extension of its Series C funding round. Existing backers-Creation Investments, Sequoia Capital and Tiger Global Management led the round, with Google joining in as a new investor.
The startup plans to use the fresh funds to support its expansion and accelerate product development.
Progcap | B2B Lending Platform
Founded by Pallavi Shrivastava and Himanshu Chandra in 2017, Progcap is a New Delhi-based B2B lending platform that 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 about the development, Pallavi Shrivastava, Co-founder of Progcap, said,
“We are looking to expand our footprint to more geographies that we will be identifying, and apart from that, we are working on developing our app that helps to digitise our clients’ day-to-day finances.”
The New Delhi-based fintech startup is 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.
Progcap, which earns most of its revenue from the retail lending business, claims to have facilitated over Rs 6,500 crore in credit, working with over 700,000 SMBs. As per the startup, it had recorded annualised disbursals of $1 billion, which is growing by 4X year-on-year. The startup is looking to disburse around Rs 1,000 crore of loans by August and is also evaluating acquisition opportunities.
Progcap has raised around $120 million so far and stated it is valued at around $600 million. Last year, the startup raised $30 million in the first tranche of its Series C round, led by Tiger Global Management and Creation Investments.
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