Indian fintech start-up Progcap, which offers corporate-led financing solutions, has raised $30m in primary equity capital in its Series C funding round.
The round was co-led by returning investor Tiger Global Management and new investor Creation Investments.
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Sequoia Capital India, which led Progcap’s earlier rounds, also participated in the latest funding round.
Progcap intends to use the proceeds to build a broader and deeper supply chain banking platform.
The fintech, established in 2017, plans to disburse $1bn in loans by March next year.
Notably, Progcap’s latest funding comes three months after the $25m Series B funding round, which brings total funds raised during this period to $55m.
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By GlobalDataProgcap 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 organization, our broader mission is to be an end-to-end service provider for all retailer transactions.”
Progcap focuses on small and mid-size businesses (SMBs) and offers them access to flexible and customised capital along with other financial services.
It claims to have disbursed INR25bn ($335.57m) to over 60 corporations and 450,000 retailers.
Creation Investments partner Tyler Day said: “We are delighted to join Sequoia Capital India and Tiger Global Management in helping Progcap revolutionise supply chain financing in India and provide access to affordable unsecured financing to India’s micro-, small- and medium-sized enterprises.
“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.”
