Fintech start-up Progcap has raised $30 million as part of its Series C investment round led by existing investor, Tiger Global Management and Creation Investments.

Sequoia Capital India, which led the last two funding rounds for Progcap, also participated in this financing. Progcap has raised $55 million in total since the last three months. The company will use the new capital to build supply chain banking platform for its merchants and corporate network in India. Progcap aims to reach $1 billion in disbursals by March 2022.

In the last one year, Progcap claims to have grown its monthly disbursal volume by 400 per cent and expanded business operations across 10 industries. The company is consistently adding new products to its offering to provide an end-to-end service to its partners. Many of these large corporates are now using Progcap to finance around 30 per cent of their sprawling sub-dealer networks.

Progcap has already provided last-mile credit solutions of over $300 million, working with over 450,000 SMBs through its retailer financing platform.

Speaking on the fundraise, co-founders, Pallavi Shrivastava and Himanshu Chandra said, “The recent funding round will help us allocate resources towards our aspiration to become the largest digital bank for small retailers. While we are becoming relevant to many large corporate clients, we have only scratched the surface of India’s vast retail market. As an organisation, our broader mission is to be an end-to-end service provider for all retailer transactions.”

“We have been impressed with the strong customer feedback and believe Progcap will continue to attract retailers looking for a modern credit and banking platform,” said Alex Cook, Partner, Tiger Global.

“The company’s exceptional growth and pristine portfolio quality, in a challenging macro environment, speak volumes about the Progcap team and its bespoke MSME Buy-Now Pay-Later product. At Creation, our mission is to help provide financial inclusion for those with little or no access to it. This investment in Progcap aligns perfectly with our goals,” said Tyler Day, partner, Creation Investments.