This is Stride Ventures’ fourteenth investment from its maiden fund and second investment in the fintech space. Progcap has over two lakh retailers on its platform.
These funds will be deployed to increase their AUM and penetration amongst retailers across the country. Progcap will look to strengthen its ties with banks and corporates by leveraging Stride’s network.
Founded in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap provides access to collateral-free working capital to retailers in Tier-II, III, and IV areas, where retailers face challenges in accessing capital for their businesses. Through its Last Mile Retailer Finance facility (LMRF) solution, the fintech company provides the underbanked, semi-urban and rural retailers in India access to flexible, collateral-free working capital.
In a statement, Ishpreet Gandhi, founder, Stride Ventures, said “India has a complex supply chain. However, the solutions for small dealers and retailers are limited. Accessibility to credit will enable them to be at the forefront of India’s consumption story and Progcap is well positioned to drive this change. We are witnessing strong momentum in FinTech and acknowledge the size of the opportunity in India.”
“While Progcap is well capitalized, it is Stride team’s expertise in the banking ecosystem that we are looking forward to tap into to help accelerate our growth,” said Pallavi Shrivastava in a statement.
Since its inception, Stride Ventures has focused on investing in market leaders across sectors. Stride Ventures launched its maiden fund in 2019 and plans to invest in 25-30 startups for Stride Venture India Fund I.