Beams Fintech Fund Invests In B2B Lending Platform Progcap
Beams Fintech Fund, launched by Venture Catalysts, has joined as a new investor in Progcap as the B2B lending platform fetched $50 million (around Rs 400 crore) in its ongoing Series C round.
Investors, including Google, Tiger Global Management, Creation Investments and Sequoia Capital, also participated in the round. The round also saw participation from GrowX, CIBIL Chairman MV Nair and 9Unicorns, among others.
Progcap | Fintech Partner Of Indian SMBs
Founded by Pallavi Shrivastava and Himanshu Chandra in 2017, Progcap 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.
Run by Desiderata Impact Ventures Pvt. Ltd, the New Delhi-based B2B lending platform aims to be a full-stack retailer-focused digital bank enabling capital flow across the supply chain to underserved retailers.
Speaking about the development, Pallavi Shrivastava, Co-founder of Progcap, said,
“Beams has built an interesting value add strategy towards companies, and we are looking forward to working together with them on problems being solved by Progcap.”
In June 2022, the New Delhi-based B2B lending platform raised $40 million as part of its Series C funding round led by existing backers Creation Investments, Sequoia Capital, and Tiger Global Management, with Google joining in as a new investor.
Since its inception, the startup claims to have disbursed more than $1 billion in loans and has grown 4X annually. Progcap has worked with over 700,000 SMBs.
Commenting on the development, Sagar Agarvwal, Managing Partner and Co-Founder of Beams, said,
“Supply chain is a deep problem in India with a credit gap of more than $300 billion and SME/MSME’s require access to capital through innovative financing solutions.”
Beams was launched by Sagar Agarvwal, Anuj Golecha, Apoorva Ranjan Sharma, Anil Jain and Gaurav Jain.
The founding team of Beams Fintech Fund had previously invested in BharatPe, Impact Guru, Suryoday, Klub, Dukaan, Flobiz, Esskay, GetVantage, and LenDenClub.
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