fbpx

AsiaTechDaily – Asia's Leading Tech and Startup Media Platform

  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
  • Governments
  • Startup Program
  • Events
  • Lists
Menu
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
  • Governments
  • Startup Program
  • Events
  • Lists
Submit Article
FinTech5 Oct 2021 3:13

Indian FinTech startup, Progcap secures $30 million in Series C led by Tiger Global

by AsiaTechDaily Writer
Bookmark (0)

Please login to bookmark

No account yet? Register

Indian FinTech Startup, Progcap has secured $30 million funding in a Series C round led by Tiger Global Management, Creation Investments and Sequoia Capital India.

The funding round comes after Progcap secured $25 million in a Series B funding round led by Sequoia Capital and Tiger Global Management three months ago. In the last three months, the startup has raised $55 million in funding and is positioned as the largest FinTech startup in the corporate-led retailer financing segment in the country.

Progcap will be using this new funding to build its supply chain banking platform for its corporate network and merchants in the country. By March 2022, the startup aims to reach $1 billion in disbursals.

According to Progcap founders, Pallavi Shrivastava and Himanshu Chandra, “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.”

Progcap in the last one year has grown its monthly disbursals volume by 400% and has expanded its business operations across ten industries while working along with leading corporates in these industries. The company has been adding new products consistently to its product suite to offer end-to-end service to its partners. Its platform is tapped by more than 60 corporates and about 450,000 retailers.

Alex Cook, Partner, Tiger Global said, “We have been impressed with the strong customer feedback and believe Progcap will continue to attract retailers looking for a modern credit and banking platform.”

“The company’s exceptional growth and pristine portfolio quality, in a challenging macro environment, speak volumes about the Progcap team and its bespoke MSME Buy-Now Pay-Later product. At Creation, our mission is to help provide financial inclusion for those with little or no access to it. This investment in Progcap aligns perfectly with our goals,” said Tyler Day, partner, Creation Investments.

About Progcap

Founded in 2017, Progcap offers financial solutions for micro and small businesses. The startup leverages a mix of technology and its unique delivery model to underwrite credit. Thus offering under-banked SMBs in rural and semi-urban India accesses to collateral-free, flexible working capital.

Progcap also provides finance and supply-chain based solutions for small and micro enterprises.

Tweets by progcap

 

Tags: financial solutionsFintechFintech startup

Similar Articles

Investors' interviews8 Dec 2023 2:08

Investing with Purpose: SoGal Ventures’ Journey with Pocket Sun

More
Startup Policy4 Dec 2023 7:13

Navigating Singapore’s Startup Ecosystem: Top 5 Funding Initiatives Unveiled

More
Sabrina Peng, Chief Sustainability Officer of Ant Group, speaking about Alipay Ant Forest at COP28 in Dubai, UAE
Featured1 Dec 2023 4:28

Leveraging digital platform to amplify green participation by the public: An Ant Group case study presented at COP28

More

Weekly popular posts

FinTech30 Nov 2022
Funding Societies hits THB1bn mark in loan disbursements to Thai SMEs
more
FinTech28 Nov 2022
Paycoin announces expansion into global crypto payments market, partnership with TripleA
more
FinTech29 Nov 2021
Grab leads latest funding round in Indonesia’s Bareksa
more
Events5 Dec 2019
ComeUp 2019 Comes To An End After A Successful 3-Day Event
more
Events4 Dec 2019
UNDP’s Global Innovation Initiative for Sustainable Agriculture
more

Topics

Menu
  • AI & Big Data
  • AR & VR
  • Blockchain
  • Clean Technology
  • Content & Games
  • Cybersecurity
  • Enterprise & SaaS
  • Gadgets & Electronics
  • Health & Bio

Program

Menu
  • Ecosystem
  • EdTech
  • Featured
  • FinTech
  • Investments
  • IoT
  • Marketplaces & E-commerce
  • Robotics
  • Transportation & Logistics

About

Menu
  • Home
  • Advertisement
  • Contact Us
  • Privacy Policy

Subscribe and be informed first hand about the actual economic news.

All the day’s headlines and highlights, direct to you every morning.

© 2023 asiatechdaily. All rights reserved.

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback