Beams Fintech Fund invests in Progcap, India’s leading Supply Chain Finance company
Beams Fintech Fund, India’s first Growth Stage Fintech Fund, has invested in the Series C round of Progcap, India’s leading 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.
 |
Having worked in global organizations such as the World Bank and IFC, Pallavi has a nuanced understanding of how innovative financing structures can be used to drive the growth of underserved businesses and how this can be applied in the Indian context. On the other hand, Himanshu brings deep experience in supply chain finance, having built the supply chain finance portfolio at Standard Chartered Bank.
Supply chain financing is the need of the hour with many companies facing cash flow problems and disorganized fundraising processes. Progcap bridges the gap between distributors and retailers through specialized finance, payments and technology.
To date, Progcap has disbursed more than $1 billion in loans, growing 4X annually. It has worked with over 700,000 SMEs.
Beams Fintech Fund’s ecosystem and network of LPs, which includes leading banks and NBFCs, will look to cross-pollinate with Progcap. Beam’s value-adding strategy is to cross-pollinate between its LPs and portfolio companies. Beams will facilitate access to the banking network and open doors to the group’s portfolio of 250+ startups for partnership, collaboration and potential acquisition opportunities for Progcap.
Sagar Agarvwal, Managing Partner and Co-Founder of Beams said, “We are delighted 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 SMEs/MSMEs require access to capital through innovative financing solutions We are excited to work with Pallavi and Himanshu to build the future of supply chain finance and payments in India.
“We are excited to join forces with the Beams team to solve challenges MSME/SMEs face in their financing needs. Beams has built an interesting value-add strategy towards companies and we look forward to working with them on problems solved by Progcap, ” said Pallavi Shrivastava, Co-Founder, Progcap.
About Beam’s Fintech Fund
Beams Fintech Fund is a Growth Capital Fintech Fund for India offering Ecosystem, Value Add & Capital to support tomorrow’s Fintech founders. Beams is backed by India’s first and largest integrated incubator, Venture Catalysts, which also has 9Unicorns, a $100 million early-stage sector-agnostic accelerator fund in its stable. Beams Fintech Fund focuses on investing in growth-stage rounds of fintech companies driven by exceptional entrepreneurs. We aim to create market leaders for the Fintech revolution in India by supporting entrepreneurs in building enterprise solutions for the financial services industry and disrupting the way banking and financial services are traditionally offered to customers and businesses.
