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Progcap, a company that provides financial solutions to retailers, has reportedly raised USD 25 million in Series B funding which was led by Tiger Global as well as Sequoia Capital India.
According to a statement released recently, the funds will be deployed to augment its services and expand its reach across its currently serviced geographies.
The firm will also use the funding to add new talents to its team, diversify its product offerings and differentiate its technology to support its aim of creating a full-stack digital platform for the last mile retailers.
For the uninitiated, Progcap, founded by Himanshu Chandra and Pallavi Shrivastava, claims a user base of 300,000 retailers over 50 corporates and has disbursed over USD 202 million in loans to date.
Pallavi Shrivastava, the Progcap co-founder, expressed that the continued faith of its customers, investors, and partners is evidence of the immense efforts of its teams. The company is devoted to continuing its efforts in developing India’s largest digital banking solution primarily for last-mile retailers, she added.
Principal at Sequoia India Ashish Agrawal mentioned that Progcap has built an exclusive product to accommodate the needs of small retailers who support the USD 800 billion retail market in India. He further stated that the company will play a crucial role in catering to the financial needs of retailers as the supply chains in India adapt to GST.
Scott Shleifer, Partner at Tiger Global, stated that Progcap has a great future ahead as the company maintains innovation in the underserved market.
Progcap intends to be the only full-stack retailer-oriented digital bank that allows capital flow in the supply chain for inadequately serviced retailers. It aims to reach more than 5 million enterprises by the end of 2023.
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