30 April 2019, India:
Lending startup Progcap has raised ₹7 crore in Seed Funding. The funding round was led by GrowX Ventures. Contrarian Drishti, along with angel investors Somak Ghosh and Abhishek Dalmia also participated in the funding round.
The company’s founders said, “Our vision is to broaden the opportunities for businesses in the last mile. There are over 20 million retailers in India who are unplugged from formal financing. We are working towards building a platform to integrate these businesses into the real economy.”
The team added, “It’s been a terrific partnership with GrowX. They have helped us tremendously in broadening the vision for the Company while also helping build key partnerships.”
Manu Rikhye, Partner at GrowX ventures, said, “Pallavi and Himanshu are an outstanding team, and GrowX is very excited to be part of their journey. Progcap is focused on a very large and underserved market of micro-business owners.”
Manu Rikhye, added, “Their approach to solving the financial needs of the last mile retailers will deliver tremendous value across the supply chain, starting from the large brands and distributors to the retailers.”
Progcap was founded by Pallavi Shrivastava and Himanshu Chandra in 2017. It is an inclusive financing technology firm. It provides access to fast and flexible collateral-free, working capital to retailers in Tier II, III and IV towns, where retailers typically face challenges in accessing capital for their businesses.
(Image – Progcap)