Wednesday, July 17, 2024
-Advertisement-
Digital Senate
Digital Senate
Digital Senate
Digital Senate
HomeNewsStartupsIndian fintech Progcap raises $25 million from Tiger Global, Sequoia Capital India

Indian fintech Progcap raises $25 million from Tiger Global, Sequoia Capital India

Follow Tech Observer on Google News

Progcap offers collateral-free loans to retailers across the country and focuses on retail financing announced to raise $25 million in a Series B funding round

Google News

Financial technology company, which offers collateral-free loans to retailers across the country and that focuses on retail financing has announced raising $25 million in a Series B round led by and existing investor at an undisclosed valuation.

The India-based startup, Progcap claims a user base of 3 lakh retailers across 50 corporates and Rs 1,500 crore in loan disbursals to date. According to company top management, the newly infused equity capital will be used by the startup to expand its team and diversify its product offerings.

The company founded by Pallavi Shrivastava and Himanshu Chandra, Progcap offers collateral-free loans to retailers across the country. The startup aims to reach more than 5 million enterprises by the end of 2023. Its last funding round was in February, when it raised $1.4 million in debt from Stride Ventures and others.

“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,” Progcap founders Shrivastava and Chandra said in the statement.

To be sure, Tiger Global has been bullish on India's fintech sector this year, leading or participating in funding rounds of Cred, Groww, and Plum among others. The New York-based investment firm is reportedly in talks to invest in BharatPe.

“We are thrilled to partner with the Progcap team as they help small and mid-size businesses access to financing. We believe Progcap has an exciting path ahead as they continue to innovate in this underserved market,” Tiger Global partner Scott Shleifer said.

According to Ashish Agrawal, principal at Sequoia India, the formalization of India's $800 billion retail markets is an opportunity for financiers catering to this segment. “Progcap has built a unique product to cater to the working capital needs of small Indian retailers who serve much of India's USD. As supply chains in India get formalized with GST, the company will play an important role in serving the financial needs of such retailers,” Agarwal said.

Get the day's headlines from Tech Observer straight in your inbox

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
- Advertisement -
Bitcoin 2024
Bitcoin 2024
Bitcoin 2024
Bitcoin 2024
- Advertisement -Digital Senate
- Advertisement -Education Sabha
- Advertisement -Bitcoin 2024
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

Newly launched Qlik Talend Cloud to enhance data trust and AI reliability: Drew Clarke

Qlik Talend Cloud offers AI-augmented data integration capabilities for users across all skill levels, ensuring data integrity and accelerating AI deployment.

RELATED ARTICLES