MSME FinTech Progcap to empower 10,000 women-led MSMEs over the next 3 years

By Puja Sharma

Aligned with the Government’s ‘Viksit Bharat’ vision for 2047 and the goal of increasing women’s workforce participation to 70%, MSME-focused FinTech, Progcap, on the account of International Women’s Day, plans to empower 10,000 women-led MSMEs in semi-urban and rural India by FY27. The company has introduced ProgShakti Development Program, wherein women entrepreneurs can access loans of up to INR 10 lakh and get certified through capacity-building knowledge sessions, helping them grow their businesses.

As per Economic Survey 2024-25, only 22% of MSMEs in India are owned by women, with only half of these businesses being directly managed by them, 90% of these women face challenges to access capital. Addressing the challenge of gender gap in access to credit and with an aim to encourage women entrepreneurship, Progcap’s initiative offers customised credit tailored to the needs of women-led enterprises. It eliminates the need for a male co-applicant when assessing the creditworthiness. The program challenges traditional norms that often act as barriers to financial independence.

Founded by Pallavi Shrivastava and Himanshu Chandra, Progcap is backed by Peak XV (previously Sequoia Capital India), Creation Investments, Tiger Global and Google among others. Progcap provides an end-to-end platform that powers finance, technology and commerce solutions to empower MSMEs.

Pallavi Shrivastava, Cofounder of Progcap, said, “In our experience working with MSMEs, we have found that while many small businesses are registered under women’s names, most exist only on paper. Additionally, financial institutions often require a male co-applicant, reinforcing systemic barriers to financial independence. This needs to change. With the launch of ProgShakti, our goal is to ensure more women step forward as real business operators by providing tailored credit solutions, equipping them with the business knowledge, skills, and capacity-building support needed to sustain and grow their enterprises, and empowering them to take charge as decision-makers in both business and their communities.”

Remika Agrawal, Country Head of Creations Investment LLC said, “Investing in women-led businesses is not just about financial returns; it’s about driving long-term, sustainable economic growth. By empowering women-led MSMEs, Progcap is not only supporting businesses but also strengthening communities. We are proud to back a company that is committed to making finance more inclusive and enabling women to take charge of their financial futures.”