Private Equity Fund Investments
SME lender Progcap raises $30-M Series C led by Tiger Global, Creation Investments
New Delhi-based SME lender Progcap has raised $30 million in primary equity capital as part of its Series C round led by Tiger Global Management and Creation Investments. Sequoia Capital India, which had led the last two funding rounds for Progcap, also participated in this round. Progcap aims to empower retailers by providing them access to flexible, customized capital that matches their business growth requirements along with a host of other technology solutions to help them increase their profitability, manage cash flows and advance towards a higher growth trajectory. Today, Progcap's platform is used by over 60 corporates and 4,50,000 retailers. The company has disbursed INR 2,500 crore to these networks on the back of its supply chain-driven business model and its risk scoring engine. It aims to reach $1 Billion in disbursals by March 2022.
From the Venture Intelligence PE-VC Deal Database: Between Sep18 and Jun-21, Progcap had raised more than INR 226 crores from Whiteboard Capital, Axis Capital Partners, Growx Ventures, Sequoia Capital India, Tiger Global and Contrarian Drishti (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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