New Delhi based financial services startup, Progcap, raises new investment round worth $25 million.
The company provides lending options for Indian retail businesses through its fintech platform. Investors in the round include Tiger Global and Sequoia Capital India.
“Progcap has built a unique product to cater to the working capital needs of small Indian retailers who serve much of India’s USD,” Ashish Agrawal from Sequoia India said, as reported by Economic Times. “As supply chains in India get formalised with GST, the company will play an important role in serving the financial needs of such retailers.”
The startup was founded in 2017 by Pallavi Shrivastava and Himanshu Chandra. Prior to the current Series B investment round, Progcap had raised total funding worth $7.4 million.
“We are excited to have Sequoia Capital India double down on Progcap and thrilled to have Tiger Global join us in our journey,” a statement by Chandra and Shrivastav said, ET reported. “The continued faith that our customers, partners and investors have put in us is a testament to our teams’ unrelenting efforts.”
The new investment round will be put toward the development and expansion of products and services, as well as team growth plans, among others.
(Picture courtesy: Next Big Brand)
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