Progcap, a fintech business, earned $30 million in a Series C investment from Tiger Global Management and Creation Investments on Monday. Sequoia Capital India, which had led Progcap’s previous two capital rounds, was also involved in this round.
The funds will be used to speed the development of a bigger and deeper supply chain banking platform for the company’s merchants and corporate network in India. The firm stated that it hoped to exceed $1 billion in disbursements by March of next year.
Pallavi Shrivastava and Himanshu Chandra founded the fintech startup in 2017, which enables underbanked, semi-urban, and rural retailers in India with flexible, collateral-free financing.
Speaking on the funding co-founders, Pallavi Shrivastava and Himanshu Chandra, said,“The recent funding round will help us allocate resources toward our aspiration to become the largest digital bank for small retailers. While we are becoming relevant to many large corporate clients, we have only scratched the surface of India’s vast retailer market. As an organisation, our broader mission is to be an end-to-end service provider for all retailer transactions.”