ETtechThe newly infused equity capital will be used by the startup to expand its team and diversify its product offerings, according to a statement released on Monday.
Founded by Pallavi Shrivastava and Himanshu Chandra, Progcap offers collateral-free loans to retailers across the country. It claims a user base of 3 lakh retailers across 50 corporates and Rs 1,500 crore in loan disbursals till date. The fintech startup aims to reach more than 5 million enterprises by the end of 2023. It’s 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.
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“We are thrilled to partner with the Progcap team as they help small and mid-size businesses get 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.
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"Progcap has built a unique product to cater to the working capital needs of small Indian retailers who serve much of India’s $800 billion retail market," said Ashish Agrawal, Principal, Sequoia India. "As supply chains in India get formalized with GST, the company will play an important role in serving the financial needs of such retailers. Since Sequoia Capital India’s Series A investment, Progcap has scaled the business with exceptional credit quality and high capital efficiency, the team is excited to strengthen the partnership with this financing."
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