Progcap
Key Highlights:
  • The investment round of the Corporate retail financing startup was co-led by Creation Investments and Tiger Global Management.
  • As per the startup, it has disbursed more than INR 6,500 Cr credit loans to over 700K SMBs.
  • Progcap claims to disburse $1B worth of loans annually. Additionally, it has grown by 4x year over year (YoY).

Progcap raised $40 Mn in its Series C funding round. The investment round of the Corporate retail financing startup was co-led by Creation Investments and Tiger Global Management. After the recent funding, Progcap has raised $101 Mn so far.

Progcap’s existing investor Sequoia Capital India along with its new investor ” Google” had participated in the investment round.

Progcap plans to use these funds to in expanding business and accelerate product development.

The cofounders of Progcap, Pallavi Shrivastava and Himanshu Chandra said, “This is fantastic news that our existing investors have continued to deepen their commitment to our company. In addition to providing credit and technology solutions that help their businesses become more efficient, Progcap is becoming the core operating engine for all their transactions.”

Founded in 2017, Progcap helps in digitising supply chains and offers financing solutions to small and medium businesses (SMBs). As per the startup, it has disbursed more than INR 6,500 Cr credit loans to over 700K SMBs.

In order to support the growing needs of SMBs, Progcap aims to become a full-stack digital bank that takes care of digitising, automating, and streamlining capital movements.

Progcap claims to disburse $1B worth of loans annually. Additionally, it has grown by 4x year over year (YoY).

Tiger Global and existing investor Sequoia Capital India contributed $25 million to Progcap’s Series B round last year. Previously, the company raised $5 million in a Series A round and $1 million in seed funding.

Fintech startups such as ARTH, FlexiLoans, and Aye Finance compete with it.

The fintech industry in India is expected to reach $1.3 Tn by 2025, growing at a CAGR of 31%. Lending tech is set to account for 47% ($616Bn) of the overall fintech market.

Currently, the industry is experiencing gloomy conditions due to the funding winter, high inflation rates, and pending recession. The fintech sector has been adversely affected by this decline in funding activities.

For More Startup and Funding-related News Visit Alphafirm.

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