Progcap, a New Delhi-based fintech startup, has raised Rs 10 crore in a debt funding round from Stride Ventures, a venture debt fund.

As per the startup, it aims to use the funding to increase its AUM and increase the penetration amongst retailers across the country. The startup will look to strengthen its ties with banks and corporates by leveraging Stride’s network. 

Co-founded by Pallavi Shrivastava and Himanshu Chandra in 2017, Progcap is a fintech startup that uses a mix of technology and its unique delivery model to underwrite credit. The startup provides the underbanked semi-urban and rural retailers in India access to flexible, collateral-free working capital.

Talking about the funding, Himanshu Chandra and Pallavi Shrivastava, Co-founders of Progcap, said,

“We are excited to partner with Stride Ventures as we continue to scale the business. While Progcap is well capitalised, it is Stride team’s deep expertise in the banking ecosystem that we are looking forward to tap into to help accelerate our growth. We have just crossed $100 million in disbursals and expect to reach $1 billion GMV by March 2022.”

The fintech startup has over two lakh retailers on its platform and claims to have scaled up over 5X post-COVID. Progcap also claims to have partnered with some of the largest brands in the country.

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