ProgCap, a fintech company aiming to revolutionize the way we provide financial opportunities to small and medium-sized enterprises (SMBs) in the last mile, has a Series C funding led by existing investor Tiger Global Management & Creation Investments. Raised $30 million.
The company also saw participation from Sequoia Capital India, which led ProgCap’s final two rounds of funding.
The Indian economy is dominated by SMEs, most of which are still unregulated and suffer from cash flow problems. ProgCap gives these companies easy last mile access to capital through specialized fintech products that digitize, automate and facilitate capital movements throughout the supply chain.
The company claims to have successfully closed India’s credit gap, backed by its technology and seamless supply chain assessment for credit valuation.
Also, this solution is a custom fit. That is, every business gets flexible and customized capital that meets its own growth needs. Last but not least, it also provides a number of other technological solutions to help businesses increase profitability, manage cash flow, and move towards a higher growth trajectory. Growth.
In just a few short years, ProgCap has grown at an alarming rate, already working with over 450,000 SMBs to provide more than $300 million in last mile credit solutions. The platform is used by over 60 businesses and 450,000 retailers, and monthly payments have increased by 400% over the last year.
The startup has raised approximately $55 million in the past three months and is now “establishing a strong position as the largest fintech in India’s corporate-led retail lending sector,” the statement said.
We plan to use this capital to accelerate our vision of building a comprehensive and in-depth supply chain banking platform for our merchant and corporate networks in India. ProgCap aims to achieve a payout of US$1 billion by March 2010.
Regarding funding, founders Pallavi Srivastava and Himanshu Chandra said: Our journey. The recent funding round has helped us allocate resources for our desire to become the largest digital bank for small retailers. We are building relationships with clients of many big companies but only cutting the surface of India’s huge retail market. Our overarching mission as an organization is to be a complete service provider for all retailer transactions. “
Last mile finance solutions provider ProgCap will raise $30 million by March 2022 with a goal of paying down $1 billion of credit.
SourceLink last mile finance solutions provider ProgCap will raise $30 million by March 2022 with a goal of providing $1 billion in credit.