Supply chain financing startup Progcap raised $50 million in Series C from Beams Fintech Fund

October 17, 2022

, By Team SNFYI

Share via:

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Previous News

Flipkart launched a metaverse-based virtual shopping experience ‘Flipverse’

Next News

Fintech startup Snapmint raised $21 million in a mix of equity and debt

Popular

More Like this

Supply chain financing startup Progcap raised $50 million in Series C from Beams Fintech Fund

October 17, 2022

, By Team SNFYI

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

Previous News

Flipkart launched a metaverse-based virtual shopping experience ‘Flipverse’

Next News

Fintech startup Snapmint raised $21 million in a mix of equity and debt

More like this

Popular

Upcoming Events