FinTech start-up Progcap raises $25 Mn in Series B round

FinTech start-up Progcap, which simplifies debt capital for underserved micro and small businesses, has secured $25 million as part of its Series B investment led by Tiger Global and existing investor Sequoia Capital India.

The freshly raised funds will be used to enhance its services and presence across existing geographies. The capital will also be used to scale up the team, strengthen technology differentiation and diversify into new product offerings to fortify its vision of building a full stack digital platform for last mile retailers.

Set up in 2017, New Delhi based Progcap was founded by Pallavi Shrivastava and Himanshu Chandra. The company aims to be a full stack retailer focused digital bank which enables capital flow across the supply chain to underserved retailers.

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Source: FinTech start-up Progcap raises $25 Mn in Series B round