Supply chain financing startup Progcap raised another $50 million in Series C from Beams Fintech Fund along where GrowX, MV Nair from CIBIL, Sandeep Tandon from Freecharge, 9Unicorns, ZNL Growth Fund, Google, Creations, Tiger Global and Sequoia Capital also participated.
Progcap provides supply chain services and credit to small and medium-sized retailers in India. Both founders have previously worked for multinational corporations such as the World Bank, IFC, and Standard Chartered Bank. Progcap stated that it intends to use the funds raised to provide credit to retail MSMEs. In addition, it received $40 million in its then-current Series C funding round in June. According to Inc42, the Indian fintech industry is expected to be worth $1.3 trillion by 2025, with a 31% CAGR. Lending technology will account for 47% ($616 Bn) of the $1.3 Tn fintech market by 2025.