Progcap secures USD 30 mn funding from marquee investors

Sequoia Capital India, which led the last two funding rounds for Progcap, also participated in the series C investment round, a statement said.

Progcap, which has raised $55 million in total since the last three months, will use the new capital to accelerate its vision of building a broader and deeper supply chain banking platform for its merchants and corporate network in India, it added. Founded in 2017, by Pallavi Shrivastava and Himanshu Chandra, the company is backed by Sequoia Capital India, Tiger Global, GrowX, Creation Investments, Axis Capital and others.

It helps micro and small enterprises in the last mile by providing them access to customised financing solutions and digitising their supply chain. Many large corporates are now using Progcap to finance about 30 pc of their sub-dealer networks, as per the statement.

The company aims to reach $1 billion in disbursals by March 2022, the statement added.

In the last one year, Progcap has grown its monthly disbursal volume by 400 per cent and expanded business operations across 10 industries working alongside leading corporates in these industries, the company said.