Beams Fintech Fund backs supply chain finance company Progcap

Beams Fintech Fund, India’s first growth-stage fintech fund, has invested within the Collection C spherical of Progcap, a number one provide chain finance firm. Beams has invested alongside Google, Creations, Tiger and Sequoia on this spherical. Different traders on this firm embrace GrowX, MV Nair, Chairman, CIBIL and Sandeep Tandon, Co-founder, Freecharge. 9Unicorns and ZNL Development Fund additionally participated within the spherical together with Beams.

Based in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap is revolutionising the way in which monetary credit score is delivered to small and medium retailers of the Indian retail economic system. Having labored at world organisations such because the World Financial institution and IFC, Pallavi has a nuanced understanding of how progressive financing buildings can be utilized to propel the expansion of underserved companies and the way this may be utilized within the Indian context. Alternatively, Himanshu comes with wealthy expertise in provide chain finance, having constructed the availability chain finance portfolio at Customary Chartered Financial institution.

“We’re happy to have backed Pallavi and Himanshu, constructing one of many quickest rising and disruptive provide chain finance platforms within the nation. Provide chain is a deep drawback in India with a credit score hole of greater than $300 billion and SME/MSMEs require entry to capital by progressive financing options. We’re excited to work with Pallavi and Himanshu on constructing the way forward for provide chain finance and funds in India,” stated Sagar Agarvwal, Managing Associate and Co-Founder, Beams.

Provide chain finance is the necessity of the hour with many corporations dealing with a money movement crunch and unorganised assortment processes. Progcap is bridging the hole between distributors and retailers by specialised finance, funds and know-how. Until date, Progcap has disbursed greater than $1 billion in loans and has grown 4X yearly. It has labored with over 700,000 SMBs.

Beams Fintech Fund’s ecosystem and community of Restricted Companions (LPs), which incorporates main banks and NBFCs, will look to cross pollinate with Progcap. Beams will facilitate entry to its banking community and open doorways to its group’s portfolio of 250+ startups for partnerships, collaboration, and potential acquisition alternatives for Progcap.

“We’re excited to affix fingers with the Beams workforce to unravel challenges confronted by MSMEs/SMEs of their financing necessities. Beams has constructed an fascinating worth add technique in direction of corporations and we’re wanting ahead to working along with them on issues being solved by Progcap,” stated Pallavi Shrivastava, Co-founder, Progcap.

offshore vps
Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker. We use only Banner Ads (No Pop Ads)

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock