Progcap Secures Additional $50 Mn In Series C Round after securing $40 million in June

• ByStartupStory     |    October 17, 2022

Progcap secured an amount of $50 million in its Series C fundraising round, which was led by Beams FinTech Fund and included Google, Creations Investments, Tiger Global, and Sequoia Capital. GrowX Ventures, CIBIL chairman MV Nair, Freecharge Co-founder Sandeep Tandon, 9Unicorns, and ZNL Growth were among the investors in the round.

In June, Progcap raised $40 million in its Series C fundraising round, valuing the New Delhi-based firm at $600 million, a threefold increase from its prior valuation of $200 million.

Pallavi Shrivastava and Himanshu Chandra began Progcap, which is managed by Desiderata Impact Ventures, in 2017. It promises to be a full-stack retailer-focused digital bank that facilitates money flow across the supply chain to underserved vendors. The platform claims to have deployed more than $1 billion in loans to date and has expanded fourfold yearly. The firm has worked with over 700,000 SMBs.

“Supply chain is a deep problem in India with a credit gap of more than $300 billion, and SME/MSMEs require access to capital through innovative financing solutions. We are excited to work with Pallavi and Himanshu on building the future of supply chain finance and payments in India,” said Sagar Agarvwal, Managing Partner and Co-founder of Beams.

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