Fintech startup Progcap, which works with obligation capital for underserved miniature and private ventures, has gathered up $25 million as a feature of its Series B speculation drove by Tiger Global and existing investor Sequoia Capital India.
In a proclamation on Monday, the organization said that it will use these assets to grow its image presence across existing geologies, increase its group and expand into new item contributions.
Established by Pallavi Shrivastava and Himanshu Chandra in 2017, the fintech organization gives the under-banked, semi-metropolitan and rustic retailers in India admittance to adaptable, guarantee free working capital.
Progcap said it has scaled to 3 lakh retailers across 50 corporates and dispensed over Rs 1500 crore of advances.
The organization said it was intending to cover more than 5 million ventures before the finish of 2023.
Prior to this, Progcap had brought around $1.4 million up owing debtors financing drove by Stride Ventures in February 2021.
This venture marks Tiger Global sponsorship one more existing Sequoia-moved organization in India. In 2021 up until this point, the New York-based asset has put resources into any semblance of social local area empowering agent Kutumb ($26 million) and expert systems administration stage Apna ($70 million) — both Sequoia portfolio organizations.
Indeed, Tiger Global has put resources into nine Sequoia-moved organizations over the most recent a half year which incorporate Moglix, Groww, CRED, Innovaccer, GoMechanic, Plum and Coinswitch Kuber.
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