The investment is part of Progcap’s Series C funding round
With this new infusion, Progcap has raised $80 Mn in Series C round
Progcap offers supply chain services and credit to small and medium retailers operating in the Indian retail space
Supply chain financing startup Progcap has raised $10 Mn from Beams Fintech Fund as part of its Series C funding round.
Progcap had essentially raised $30 Mn in its Series C funding in October 2021, and later it raised over $40 Mn from the likes of Google, Tiger Global and Creation Investments in an extended round. With this fresh infusion, the startup has raised a total of $80 Mn in its Series C round.
Founded in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap offers supply chain services and credit to small and medium retailers operating in the Indian retail space. Both the founders have previously worked with global companies such as World Bank, IFC and Standard Chartered Bank.
Progcap said it plans to use the raised capital in offering credit to retail MSMEs.
“We are pleased to back Pallavi and Himanshu’s supply chain finance platform. Supply chain is a deep problem in India with a credit gap of over $300 Bn and MSMEs require access to capital through innovative financing solutions,” said Sagar Agarwal, managing partner and cofounder of Beams.
Founded by Sagar Agarvwal, Dr. Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain, Gaurav Jain and Venture Catalysts, Beams Fintech Fund mainly backs growth-stage startups operating in financial services and technology sector.
In April, Beams announced the first closure of its $100 Mn fund. The first fund closure saw participation from banks, NBFCs, fintech companies, large family offices, CXO of financial service and fintech founders.
According to an Inc42 report, the Indian fintech industry is likely to reach $1.3 Tn size by 2025, growing at a 31% CAGR by 2025. Of this, lending tech will capture 47% ($616 Bn) of the $1.3 Tn fintech market by 2025.
Further, another Inc42 report states that fintech startups cumulatively raised $1.76 Bn in the first quarter (Q1) of CY2022 as compared to $3.2 Bn funding raised in Q4 2021.
Update | 19th October, 21:50 IST
The earlier version of the story had factual errors related to this round of funding, caused due to miss-communication by the company. Some parts of the story has been edited / removed for clarity and to specify the exact amount raised by Progcap in this round.