Progcap
Tech-led lending platform (branded Progcap) providing anchor-led supply-chain and working-capital finance to MSME retailers/distributors in Tier II/III India. Founded 2017 by Pallavi Shrivastava and Himanshu Chandra under holding company Desiderata Impact Ventures Pvt Ltd (DIV); DIV historically operated as a loan-service-provider (LSP) to banks/NBFCs, and acquired NBFC Hytone Holdings Pvt Ltd in Sept 2022 (renamed Progfin Private Limited) to bring…
Progcap: Funding Rounds
| Date | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 17 Oct 2022 | Series C | $10 Mn | Beams Fintech Fund | source |
| 28 Jun 2022 | Series C | $40 Mn | Creation Investments Google Tiger Global Management Sequoia Capital India | source |
| 4 Oct 2021 | Series C | $30 Mn | Creation Investments Tiger Global Management Sequoia Capital India | source |
| 21 Jun 2021 | Series B | $25 Mn | Tiger Global Management Axis Capital GrowX Ventures Sequoia Capital India | source |
| 31 Jul 2019 | Series A | $5 Mn | Sequoia Capital India GrowX Ventures MV Nair Sandeep Tandon Somak Ghosh | source |
| 1 May 2019 | — | $1 Mn | GrowX Ventures Abhishek Dalmia Contrarian Drishti Somak Ghosh | source |
Acquisitions
| Date | Acquirer | Acquired | Amount | Source |
|---|---|---|---|---|
| 1 Sep 2022 | Progcap | Hytone Holdings Pvt Ltd (renamed Progfin Private Limited) | Undisclosed | source |
Recent Signals
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17 Jul 2026 · financial
Progfin (Progcap group NBFC) rated [ICRA]BBB+ (Stable) source
News on Progcap
No coverage of Progcap linked yet.
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How much funding has Progcap raised?
Progcap has raised $111 Mn across 6 tracked funding round(s), most recently on 2022-10-17. Figures are compiled from cited public sources.
Who are the investors in Progcap?
Investors in Progcap include Beams Fintech Fund, Creation Investments, Google, Tiger Global Management, Sequoia Capital India.
What does Progcap do?
Tech-led lending platform (branded Progcap) providing anchor-led supply-chain and working-capital finance to MSME retailers/distributors in Tier II/III India. Founded 2017 by Pallavi Shrivastava and Himanshu Chandra under holding company Desiderata Impact Ventures Pvt Ltd (DIV); DIV historically operated as a loan-service-provider (LSP) to banks/NBFCs, and…
Where is Progcap headquartered?
Progcap is headquartered in New Delhi, India.
What is Progcap's business model?
Progcap's core value proposition centers on Collateral-free, behaviour-based working capital, Full-stack retailer-focused digital bank.
How does Progcap make money?
Progcap's cited revenue streams include Interest income on retailer working-capital credit lines.