Fintech startup Progcap raises $40M as part of Series C, secures $70M in total for the round
Founded by Pallavi Shrivastava and Himanshu Chandra, fintech startup Progcap digitises supply chains and helps last-mile retailers easily access finance.
Corporate financing startup said on Tuesday it raised $40 million in its Series C round from investors, including Creation Investments and Tiger Global. Further, existing investor Sequoia Capital India participated in the latest round, while Google joined Progcap's cap table.
Earlier, the startup had raised $30 million from Tiger Global and Creation Investments. With the latest round, it raised a total of $70 million at a valuation of $600 million.
Over the last 12 months, the startup has raised nearly $100 million in funding.
The New Delhi-based startup will use the fresh funds to support its expansion and accelerate product development.
"We are delighted that our existing investors have continued to deepen their conviction in Progcap, and thrilled that Google has joined us on this journey," said Pallavi Shrivastava, Co-founder, Progcap.
"We're delighted to invest once again behind the Progcap team as it expands its product offering and further serves last-mile retailers in India," said Tyler Day, Partner, Creation Investments.
Founded in 2017 by Pallavi and Himanshu Chandra, the startup provides fast, flexible, and collateral-free loans to small businesses in lower-tier Indian cities, where retailers typically face challenges in accessing working capital.
So far, Progcap has disbursed $1 billion in loans, growing 4X annually. It works with over 700,000 SMBs and hopes to reach over one million users by the end of 2022.
In October last year, Progcap told YourStory that it was focused on building its book and servicing the incoming demand. It is also building a stronger supply chain platform, potentially adding more products.
Edited by Suman Singh