Indian fintech start-up Progcap, which offers financing solutions to businesses, has raised $25m in equity capital.
The funding was raised as part of a Series B round led by Tiger Global and the company’s existing investor Sequoia Capital India.
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The overall valuation of the company was not disclosed, reported PTI.
Founded in 2017, Progcap works to expand financial opportunities for small and medium sized businesses. The fintech offers such enterprises access to fast and flexible collateral-free working capital.
According to the company, Progcap has a user base of 300,000 retailers across 50 corporates. It has disbursed more than INR15bn ($202.5m) in loans to date.
Progcap plans to use the new proceeds to improve its services, strengthen its footprint across existing geographies. It also plans to use the funding to increase headcount as well as for product diversification.
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By GlobalDataProgcap co-founders Pallavi Shrivastava and Himanshu Chandra said: “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. We are committed to continue our efforts in building India’s largest digital banking platform for last mile retailers.”
Earlier this month, another Indian fintech start-up FamPay raised $38m in its Series A funding round.
