The first growth-stage fintech fund in India, Beams Fintech Fund has announced its investment in Progcap. The investment came for the Series C round of the company. Progcap is one of the leading companies in the supply chain finance sector. Other companies that have invested in this round alongside Beams are Creations, Google, Sequoia, and Tiger. While ZNL Growth Fund and 9Unicorns participated in the round along with Beams, GrowX, MV Nair, Chairman, CIBIL, and Sandeep Tandon, Co-founder, Freecharge, who are the other investors also participated in the funding round.
Progcap is a financing supply chain company that has been transforming the way of credit delivery to small and medium retailers in the Indian retail economy. The company founded by Pallavi Shrivastava and Himanshu Chandra in 2017 has successfully acquired this funding from Beams Fintech Fund. While Pallavi has a great interpretation of the finance sector and a comprehensive understanding of how to apply cutting-edge financing arrangements in the Indian environment to stimulate the growth of disadvantaged enterprises by having worked in international firms like the World Bank and IFC, on the other hand, Himanshu comes into the picture with a great experience of the supply chain finance by having worked with Standard Chartered Bank and creating a remarkable supply chain finance portfolio.
Progcap is a financing supply chain company that has been transforming the way of credit delivery to small and medium retailers.
The managing director and Co-founder of Beams, Sagar Aggarwal expressed his feeling on the investment by saying that the company is quite pleased to support one of the leading supply chain finance platforms by Pallavi and Himanshu, which is currently growing at a great pace. He further added that with a credit deficit of more than $300 billion, India’s supply chain is deeply problematic, and SMEs/MSMEs need access to finance through creative financing methods. Beams is excited to work with both founders on creating and enhancing the future of supply chain finance and payment in India.
As many companies are currently dealing with cash flow shortages and collection processes that are chaotic, supply chain finance has clearly become the need of the hour for all such companies. With the help of its specialized payments and finance technology, Progcap is bridging that gap which is there between distributors and retailers. The company has grown almost 4X at an annual rate and has also paid out more than $1 billion in loans, working with over 700,000 SMBs.
Progcap was founded by Pallavi Shrivastava and Himanshu Chandra in 2017.
The ecosystem of Beams Fintech Fund and its network of Limited Partners including NBFCs and other leading banks are planning to cross-pollinate the business with Progcap. Beams will make it easier for people to use its banking network and will provide Progcap access to its group’s portfolio of more than 250 startups, creating chances for partnerships, teamwork, and possible acquisitions.
Pallavi Shrivastava, who is the co-founder of Progcap expressed her excitement about working with Beams and said that both firms will work in cooperation to solve challenges faced by the SMEs and MSMEs in the requirements of finance. Beams has developed an intriguing value-add strategy for businesses, and we anticipate collaborating with them on issues that Progcap is resolving.