Progcap Raises US$40M in Funding

ProgcapFounded in Delhi, India, e-commerce company based in India, i-Finance has raised USD40m.

Creation Investments, an international alternative asset manager and leading investor in emerging market markets, was the leader of the round. Existing investor Tiger Global Management was also involved, as well as new backer Google. Sequoia Capital India was also a shareholder.

The company, which has raised approximately US$100 million in equity to date, will use the additional funding to support its expansion and accelerate product development.

Co-founded by Pallavi Shrivastava and Himanshu Chandra, Progcap is a full-stack retailer-focused digital bank that digitizes, automates, and eases capital movement across the supply chain to small and medium-sized businesses that have been excluded from the formal financial ecosystem.

The company empowers retailers by giving them flexible, customized capital that matches their needs for business growth. It also offers a host other technology solutions to help them increase their profitability, manage cash flow, and expand their businesses.



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