Progcap raises $30 mn in Series C funding led by Tiger Global, Creation

Progcap, the corporate-led last mile financing facility provider in India, has raised $30 million in primary equity capital as part of its Series C investment round led by existing investor, Tiger Global Management and Creation Investments. Sequoia Capital India, which led the last two funding rounds for Progcap, also participated in this financing.

Progcap has raised $55 million in total since the last three months and is positioned as the largest fintech in the corporate-led retailer financing space in India.

The founders, Pallavi Shrivastava and Himanshu Chandra 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.