back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

FinTech start-up Progcap raises $25 Mn in Series B round

By Leandra Monteiro

June 21, 2021

  • America
  • FinTech
Share

Progcap, Tiger Global, Sequoia, funding, fintech, startup FinTech start-up Progcap, which simplifies debt capital for underserved micro and small businesses, has secured $25 million as part of its Series B investment led by Tiger Global and existing investor Sequoia Capital India.

The freshly raised funds will be used to enhance its services and presence across existing geographies. The capital will also be used to scale up the team, strengthen technology differentiation and diversify into new product offerings to fortify its vision of building a full stack digital platform for last mile retailers.

Set up in 2017, New Delhi based Progcap was founded by Pallavi Shrivastava and Himanshu Chandra. The company aims to be a full stack retailer focused digital bank which enables capital flow across the supply chain to underserved retailers.

This investment marks Tiger Global backing yet another existing Sequoia-backed company in India. In 2021 so far, the New York-based fund has invested in the likes of social community enabler Kutumb ($26 million) and professional networking platform Apna ($70 million) — both Sequoia portfolio companies.

“Progcap has built a unique product to cater to the working capital needs of small Indian retailers who serve much of India’s $800 billion retail market. As supply chains in India get formalised with GST, the company will play an important role in serving the financial needs of such retailers. Since Sequoia Capital India’s Series A investment, Progcap has scaled the business with exceptional credit quality and high capital efficiency, the team is excited to strengthen the partnership with this financing,” said Ashish Agrawal, principal, Sequoia India, according to media reports.

According to media reports, Progcap’s founders in a statement said, “We are excited to have Sequoia Capital India double down on Progcap and thrilled to have Tiger Global join us in our journey. The continued faith that our customers, partners and investors have put in us is a testament to our teams’ unrelenting efforts. We are committed to continue our efforts in building India’s largest digital banking platform for last mile retailers.”

Previous Article

June 21, 2021

Galaxy Digital becomes liquidity provider for Goldman Sachs’ Bitcoin futures block trading

Read More
Next Article

June 21, 2021

VTB implements ML platform to protect customer data

Read More










IBSi Daily News Analysis

The Weekly Wrap

August 12, 2022

America

The Weekly Wrap: all you need to know by Friday COB | August 12th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 12, 2022

ANZ New Zealand selects FIS’s modern banking platform

Read More

August 12, 2022

Gate.io Group announced receiving the VFA Class 4 License in Malta

Read More

August 10, 2022

Jack Henry & Associates enters an agreement to acquire Payrailz

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022