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Kul Bhushan · · 1 min readTiger Global co-leads Sequoia-backed Indian fintech firm’s $30m round
Progcap, an India-based fintech firm, has raised US$30 million in a series C funding round.
More funding details
- Lead investors: Tiger Global Management and Creation Investments
- Existing investor: Sequoia Capital
- Stage: Series C
More company updates
- The latest round comes shortly after the Indian startup’s series B funding round, which was co-led by Tiger Global and Sequoia Capital India. Progcap said it has raised a total of US$55 million in the last three months.
- Progcap added that it clocked a 400% growth in its monthly disbursal volume in the last year. More than 60 corporates and 450,000 retailers currently use its platform.
- Founded in 2017, Progcap aims to provide credit for last-mile businesses using a mix of technology and alternative data-driven credit scoring.
- In the last three months, the company has also made several key hires including Abhinav Singh, former associate partner at McKinsey & Co, and Ashish Gupta, ex-Policybazaar chief technology officer.
- Progcap plans to use the fresh funds to ramp up its banking platform in India. The startup is also aiming to hit US$1 billion in disbursals by March 2022.
For more coverage of the company, head here. You can also view key details about the company, as well as its funding history below.
Editing by Collin Furtado and Arpit Nayak
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