Progcap, an India-based last-mile funding startup, has risen $ 30 million in series C financing to support micro and small businesses, enabling them to find financial opportunities.
The round was led by existing Tiger Global Management investors and new investors Creation Investments. Sequoia Capital also took part in the round after correcting the last 2 rounds of financing. The total funding raised by the capital for the startup is $ 55 million. Alex Cook, a member of Tiger Global, said about the turn:
“He is excited to double up and continue to support the Progcap team. We are impressed with the strong feedback from customers and believe that Progcap will continue to attract outlets looking for a modern credit and banking platform. ”
Progcap has been revolutionizing supply chain financing since its inception in India in 2017, and has opened up many financial opportunities for entrepreneurs looking to start businesses. The launch has seen more than quadruple its demand for services over the past year, expanding its operations to 10 industries and expanding its product offering. Founders Pallavi Shrivastava and Himanshu Chandra mentioned how the new capital will be invested:
“We are pleased that Tiger Global and Sequoia Capital India have renewed confidence in us as we welcome Creation Investments to participate in our journey. The final round of funding will help us allocate resources to become the largest digital bank for small businesses. Customers “While we are becoming important to many large corporations, we have only scratched the surface of India’s vast retail market. As an organization, our broadest mission is to be a service provider for all retail transactions.”
India it is fast becoming one of the world’s leading sites for startups, and it looks like it will fund $ 6.521 billion in the second quarter of 2021 and create 11 unicorns. Now, Progcap wants to gain access to financial resources that allow low-bank urban and rural entrepreneurs to run their own businesses, improving the region’s competitiveness and innovation.