Fintech startup Progcap said it has raised $30 million (about Rs 222.6 crore) in its Series C funding round led by its existing backers Tiger Global Management and Creation Investments.
Other investors such as Sequoia Capital India also participated in the round, the company said in a statement. Earlier, Sequoia Capital had led the last two funding rounds for Progcap.
The New Delhi-based company said it will use the fresh funding to enhance the supply chain banking platform for its merchants and corporate network in India.
Pallavi Shrivastava, cofounder at Progcap, 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.”
Founded in 2017, by Shrivastava and Himanshu Chandra, the company is backed by Sequoia Capital India, Tiger Global, GrowX, Creation Investments, Axis Capital and others.
It helps micro and small enterprises in the last mile by providing them access to customised financing solutions and digitising their supply chain.
(With inputs from PTI)
