Progcap provides revolving credit lines and financial tooling to small and medium retailers across India, serving more than 700,000 merchants in hundreds of cities and towns. The startup extends revolving credit lines of roughly $10,000–$12,500 to individual retailers and says the merchants it serves have annual cash flows around $125,000. Progcap uses its own underwriting technology and access to retailers’ financial data to assess creditworthiness, and offers tools to check account statements and invoices, make online payments, and track disbursals. In the past four years it has disbursed about $1 billion to retailers and is on track to disburse a similar amount this year. Progcap aims to become a full-stack, retailer-focused digital bank that digitizes, automates and eases capital movement across the supply chain. Progcap is a tech-enabled lending platform that provides quick, flexible, collateral-free working capital to last-mile retail businesses. The company models small-retailer risk using non-traditional data to create credit scores for customers who are often excluded from traditional finance; over half of its customers are new to the credit ecosystem. Founded in 2017 by Pallavi Shrivastava and Himanshu Chandra and based in Delhi, Progcap focuses on retailers in Tier II, III and IV towns. It plans to use the recent funding to scale its Last Mile Retailer Finance facility and expand affordable, timely credit access. The founders say they are working to integrate millions of unplugged retailers into the formal economy, and investors note the approach can deliver value across the supply chain from brands and distributors to retailers.

Total raised

$41M

Funding rounds

2

Latest round

Series C

Latest activity

Jun 2022