Progcap, a financial technology company that aims to revolutionize the way it delivers financial opportunities to small and medium-sized enterprises (SMEs) in the last mile, is a Series C financing led by existing investor Tiger Global Management and Creation Investments . Raised $ 30 million.
The company also saw the participation of Sequoia Capital India, which led the last two rounds of funding for Progcap.
The Indian economy is dominated by SMEs, most of which are still unregulated and suffer from cash flow problems. Progcap gives these companies access to the easy last mile of capital through specialized finance technology products that digitize, automate and facilitate the movement of capital throughout the supply chain.
The company claims to have successfully closed India’s credit gap, using its technology and transparent assessment of its supply chain for credit scoring.
In addition, this solution is a personalized fit. In other words, each business obtains flexible and personalized capital that meets its own growth needs. Finally, it also offers many other technology solutions to help companies increase profitability, manage cash flow and move towards a higher growth trajectory. to augment.
In just a few short years, Progcap has experienced alarming growth, already working with over 450,000 SMBs to deliver over $ 300 million in last mile lending solutions. The platform is used by more than 60 businesses and 450,000 retailers, and monthly payments have increased 400% over the past year.
The startup has raised around $ 55 million in the past three months and “is now establishing a strong position as the largest fintech in the corporate-led retail lending space in India,” the statement said.
We plan to use this capital to accelerate our vision of building a wider and deeper supply chain banking platform for our network of merchants and businesses in India. Progcap aims to reach $ 1 billion in payments by March 2010.
Regarding funding, founders Pallavi Shrivastava and Himanshu Chandra said: Our trip. Recent rounds of funding have helped us allocate resources to our desire to be the largest digital bank for small retailers. We are building relationships with clients of many large companies, but we are only biting the surface of India’s vast retail market. Our larger mission as an organization is to be an end-to-end service provider for all retailer transactions. “
Last mile financing solutions provider Progcap will raise $ 30 million with the goal of paying $ 1 billion in credit by March 2022.
Source link Last mile financing solutions provider Progcap will raise $ 30 million with the goal of paying $ 1 billion in credit by March 2022.