Progcap, which provides financing solutions for last mile retailers, on Monday said it has raised $25 million (about Rs 185.3 crore) in value capital, driven by Tiger Global and existing investor, Sequoia Capital India.
The organization will convey the proceeds from the series B round to improve its services and grow the brand’s presence across existing geographies, a statement said.
The firm will also use the money to scale up the group, strengthen the innovation separation and diversify into new item offerings to brace its vision of building a full stack computerized stage for last mile retailers, it added.
Established by Pallavi Shrivastava and Himanshu Chandra, Progcap has scaled to 3 lakh retailers across 50 corporates and disbursed over Rs 1,500 crore in loans.
The organization is sponsored by Tiger Global, Sequoia Capital India, GrowX, Axis Capital and different investors.
Established by Pallavi Shrivastava and Himanshu Chandra, Progcap has scaled to 3 lakh retailers across 50 corporates and disbursed over Rs 1,500 crore in loans.
The organization is sponsored by Tiger Global, Sequoia Capital India, GrowX, Axis Capital and different investors.
“The proceeded with confidence that our customers, partners and investors have placed in us is a testament to our teams’ persistent efforts. We are resolved to proceed with our efforts in building India’s largest advanced financial stage for last mile retailers,” Progcap fellow benefactor Pallavi Shrivastava said.
Progcap aims to be the first full stack retailer-focused advanced bank which enables capital stream across the supply chain to underserved retailers.
It aims to affect more than 5 million enterprises before the finish of 2023.
“Progcap has fabricated an interesting item to oblige the functioning capital needs of small Indian retailers who serve quite a bit of India’s USD 800 billion retail market. As supply chains in India get formalized with GST, the organization will assume a significant part in serving the monetary needs of such retailers,” Ashish Agrawal, Principal at Sequoia India, said.
Scott Shleifer, Partner at Tiger Global, said Progcap has an energizing way forward as the organization continues to advance in this underserved market.
