Delhi-based Progcap witnessed a 2.7X spike in revenue in FY23 with over Rs 70 crore coming in from operations. The preceding fiscal year, the fintech company’s revenue amounted to Rs 38.3 crore with operations contributing over Rs 26.4 crore.
Established by Himanshu Chandra and Pallavi Shrivastava, Progcap facilitates debt capital for micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. It uses a mix of technology and a unique delivery model to underwrite credit and thus provide the under banked semi – urban and rural retailers in India access to flexible, collateral free working capital. It has worked with over 700,000 SMBs through its retailer financing platform.
The Delhi-based company saw losses of Rs 48.7 crore in the fiscal year ending March 2023, a 2X spike as compared to FY22. Its EBITDA margins stood at -40.92% while the ROCE was negative 5.63%.
The company saw expenses growing 2.4X to touch Rs 149.46 crore the same fiscal year. The company saw employee benefits and travelling cost among its top expenses spending over Rs 107 crore and over Rs 5 crore on each respectively. It previously has spent over Rs 43 crore one employee benefits and over Rs 1 crore on travelling costs in FY22.
Progcap has raised a total of Rs 854.61 crore in funding over 7 rounds. Its latest Series C round was raised on June 2022 and saw the likes of Creation Investments, Tiger Global, Google leading the round.
While investor Sequoia Capital is the largest shareholder in the company, founders Pallavi Shrivastava and Himanshu Chandra each hold over 11% of the company.
It competes against the likes of Lendingkart, Yubi (CredAvenue), and StrideOne.