Fintech platform Progcap has announced that it has raised $30 million in Series C funding round. The round saw participation from existing investors including Tiger Global Management, Creation Investments and Sequoia Capital India.
Speaking on the announcement, Co-founders of Progcap, Pallavi Shrivastava and Himanshu Chandra, stated, “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.”
“We are excited to double down and continue backing the Progcap team,” commented Alex Cook, Partner at Tiger Global, “We have been impressed with the strong customer feedback and believe Progcap will continue to attract retailers looking for a modern credit and banking platform.”
“We are delighted to join Sequoia Capital India and Tiger Global Management in helping Progcap revolutionise supply chain financing in India and provide access to affordable unsecured financing to India’s micro, small, and medium-sized enterprises. The company’s exceptional growth and pristine portfolio quality, in a challenging macro environment, speak volumes about the Progcap team and its bespoke MSME Buy-Now Pay-Later product,” added Tyler Day, Partner at Creation Investments.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.