India settled fintech company, Progcap has raised Rs 10 crore in debt round from Stride Ventures Partners.
“The funds will be strategically deployed to increase its AUM, and to expand its penetration amongst retailers across the country,” Progcap in its statement said.
Further, Progcap will look to strengthen its ties with banks and corporates by leveraging Stride’s network.
Founded in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap provides access to fast and flexible collateral-free working capital to retailers in Tier-II, III, and IV areas, where retailers typically face challenges in accessing capital for their businesses. Through its Last Mile Retailer Finance facility (LMRF) solution, it provides the underbanked, semi-urban, and rural retailers in India access to flexible, collateral-free working capital.
Speaking on the investment, Ishpreet Gandhi, Founder and Managing Partner, Stride Ventures, said, “India has a complex supply chain. However, the solutions for small dealers and retailers are limited. Accessibility to credit will enable them to be at the forefront of India’s consumption story and Progcap is well-positioned to drive this change.”
“We are witnessing strong momentum in FinTech and acknowledge the size of the opportunity in India. Given our banking vintage and relationships across banks and corporates, we are excited to partner with Progcap in their journey,” he added.
Pallavi and Himanshu, Co-Founders, Progcap, said, “We are excited to partner with Stride Ventures as we continue to scale the business. While Progcap is well capitalized, it is the Stride team’s deep expertise in the banking ecosystem that we are looking forward to tapping into to help accelerate our growth. We have just crossed $100 Million in disbursals and expect to reach US$1B GMV by March ’22.”