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Fintech platform for small and medium-sized businesses (MSMEs), Progcap has raised $30 million in primary equity capital as part of its Series C round funding led by existing investor Tiger Global Management and Creation Investments, in participation with Sequoia Capital India.
Progcap has raised US$55 million in total in the last 3 months.
“The company plans to use the new capital to accelerate its vision of building a broader and deeper supply chain banking platform for its merchants and corporate network in India,” the statement said.
Speaking on the fundraise, Pallavi Shrivastava and Himanshu Chandra, Founders of Progcap in their joint statement said: “We are elated to have our existing investors Tiger Global and Sequoia Capital India entrust their faith in us yet again as we welcome Creation Investments to join us in our journey. 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 organization, our broader mission is to be an end-to-end service provider for all retailer transactions,” they added.
Commenting on the funding in Progcap, Alex Cook, Partner, Tiger Global said: “We are excited to double down and continue backing the Progcap team. 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 revolutionize supply chain financing in India and provide access to affordable unsecured financing to India’s micro, small and medium-sized enterprises,” said Tyler Day, partner of Creation Investments.
“At Creation, our mission is to help provide financial inclusion for those with little or no access to it. This investment in Progcap aligns perfectly with our goals,” he added.
Further speaking on the investment, Manu Rikhye, Partner at GrowX Ventures said, “We are excited to see a commitment from marquee VCs to support Progcap achieve its long term objective of addressing all banking needs of the retailer and distributor segment.”