India fintech company Progcap lands $40m

The lead backers were Creation Investments and Tiger Global.

  • Other backers included Google and Sequoia Capital India
  • Progcap will use the capital infusion for expansion and product development
  • To date, Progcap has raised about $100 million in equity

India fintech company Progcap has secured a $40 million investment. Creation Investments and Tiger Global Management led the investment. Other backers included Google and Sequoia Capital India.

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

“We are pleased to invest in Progcap once again as the team expands its product offering to further serve retailers in India,” said Tyler Day, partner of Chicago-based Creation Investments, in a statement.

Creation Investments manages $1.9 billion on behalf of institutional investors, family offices and high-net worth individuals.

Working at the intersection of software and financial services, Delhi-based Progcap aims to be the first 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.

Procap was founded by Pallavi Shrivastava and Himanshu Chandra.