Tiger Global, a New York-based investment firm, has joined Progcap as an investor. In the latest funding round, Progcap has raised $25 million from new investor Tiger Global and existing investor Sequoia Capital. The Indian finance startup firm concluded its series B round successfully.
Current Financing Round Detail
Progcap is a known financial startup that provides financing solutions to retailers. On Monday, the startup revealed that it has concluded a series B financing round led by Tiger Global and Sequoia Capital. A total of $25 million funding was raised during the current funding event.
The company plans to invest current funding in three key operations. First, it plans to extend its product offerings for the clients. Second, the firm wants to hire more staff to strengthen its operations. Third, Progcap wants to expand its operations geographically in other areas.
In a recent statement, the startup also said that digitization and technology advancement is another area where the firm wants to develop in the future.
Founded by Pallavi Shrivastava and Himanshu Chandra, Progcap has over 3 lakh retailers and 50 corporate firms as its clients. Up to now, it has helped its clients in availing over Rs 1500 crore loans. The company is backed by Tiger Global, Sequoia Capital India, GrowX, Axis Capital, and other investors.
Co-founder’s and Investors’ Statements About the Firm
Talking about the recent operations and Progcap popularity recently, Progcap co-founder Pallavi Shrivastava said:
“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 continuing our efforts in building India’s largest digital banking platform for last-mile retailers.”
By 2023, the fintech firm wants to serve more than 5 million businesses. The company plans to establish itself as a retailer-oriented digital bank.
Talking about Progcap recent products and Sequoia Capital association with it, Ashish Agrawal, Principal at Sequoia India, said:
“Progcap has built a unique product to cater to the working capital needs of small Indian retailers who serve much of India’s $800 billion retail markets. As supply chains in India get formalized with GST, the company will play an important role in serving the financial needs of such retailers.”
Tiger Global, the new investor of Progcap, also said that the firm has a bright future ahead and its unique and innovative products will make it the leader in its area.