CHENNAI: Fintech startup
Progcap
has raised $5 million as part of its
Series A
round of
funding
from Sequoia India,
CIBIL
chairman MV Nair and
Freecharge
ex- founder Sandeep Tandon along with existing investors GrowX Ventures Fund and Somak Ghosh.
Founded in 2017, Progcap facilitates debt for underserved micro and small businesses in India leveraging a tech-enabled last mile retailer solution.
Progcap’s solution enables the company to reach retailers operating even in semi-urban and rural areas across the country to facilitate access to collateral-free loans.
“The capital infusion will help us strengthen our operations, build on our technological differentiation, and accelerate the pace of our pan-India expansion," Progcap co-founder Pallavi Shrivastava said.
”Currently, only large distributors are able to get access to inventory financing through banks and other formal channels. With a well-designed product, Progcap is able to extend credit to smaller sub-dealers and retailers," Ashish Agrawal, principal, Sequoia Capital India Advisors, said.
The Delhi-based startup previously raised investment of over $1 million in April 2019 from early-stage investment firms GrowX Ventures and Contrarian Drishti, as well as angel investors Somak Ghosh and Abhishek Dalmia.
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