Beams Fintech Fund, a Growth Stage Fintech Fund, has invested in the Series C round of Progcap, a supply chain finance company. Beams has invested alongside Google, Creations, Tiger and Sequoia in this round. Other investors in this company include GrowX, CIBIL chairman MV Nair, Freecharge co-founder Sandeep Tandon. 9Unicorns & ZNL Growth Fund also participated in the round along with Beams.
Founded in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap aims to revolutionise the way financial credit is delivered to small and medium retailers of the Indian retail economy.
Having worked at Global organizations such as the World Bank and IFC, Pallavi has a nuanced understanding of how innovative financing structures can be used to propel the growth of underserved businesses and how this can be applied in the Indian context. On the other hand, Himanshu comes with deep experience in supply chain finance, having built the supply chain finance portfolio at Standard Chartered Bank.
Till date, Progcap has disbursed more than $1 billion in loans, grown 4X annually. It has worked with over 700,000 SMBs.
Sagar Agarvwal, Managing Partner & Co-Founder of Beams, said, “We are pleased to have backed Pallavi & Himanshu, building one of the fastest growing and disruptive supply chain finance platforms in the country. Supply chain is a deep problem in India with a credit gap of more than $300 Billion and SME/MSME’s require access to capital through innovative financing solutions. We are excited to work with Pallavi and Himanshu on building the future of supply chain finance and payments in India.”
“We are excited to join hands with Beams team to solve challenges faced by MSMEs/SMEs in their financing requirements. Beams has a built an interesting value add strategy towards companies & we are looking forward to working together with them on problems being solved by Progcap,” said Pallavi Shrivastava, Co-founder, Progcap.