Company Research Report: Progcap (Desiderata Impact Ventures Private Limited)
Company Overview
- Name: Progcap (Desiderata Impact Ventures Private Limited)
- Mission: To revolutionize financial access for underserved segments of the Indian retail economy by empowering small and medium businesses through specialized financing and technology products.
- Founded: 2017
- Founders: Pallavi Shrivastava and Himanshu Chandra
- Key People:
- Pallavi Shrivastava (Co-founder & Director)
- Himanshu Chandra (Co-founder)
- Abhinav Singh (Chief Growth Officer)
- Ashish Gupta (Chief Technology Officer)
- Headquarters: 1st Floor, C-3, Qutab Institutional Area, New Delhi, Delhi-110016, India
- Number of Employees: Over 150
- Revenue: No specific revenue figures available, but annualized disbursal of approximately $1 billion has been recorded.
- Industry Focus: Known for providing financial services and solutions to last mile retailers, digitizing supply chains, and ensuring access to credit for SMBs.
- Accolades:
- Fintech Rising Star of the year (IFTA 2022)
- Gold Winner - Product Innovation of the Year (Global SME Finance Forum, Madrid)
- Most Innovative Fintech Product (National awards for Excellence in BFSI sector)
Products
- Products Offered: Flexible collateral-free working capital loans for retailers in tier-2, tier-3, and tier-4 locations in India.
- High-level Product Description: Progcap provides a specialized financial platform that offers revolving credit lines for underserved micro and small businesses, particularly focused on retailers.
- Key Features:
- Digital underwriting process based on transaction history.
- Average loan ticket size of Rs. 10 lakhs with a 60-90 day tenure.
- Technology-driven, fully digital platform with focus areas on credit management, payments facilitation, and business solutions.
Recent Developments
- Recent Fundraising and Valuation:
- Raised $40 million in Series C funding led by Google, Creation Investments, and Tiger Global Management, bringing its valuation to $600 million.
- Total Series C funding accumulated at $70 million.
- Anticipated to become operationally profitable in the near future.
- Progcap has raised $100 million in equity funding over the last year.
- Strategic Partnerships:
- Entered a partnership with Ujjivan Small Finance Bank to offer end-to-end digitized invoice-based financing to MSME units.
- Product and Technology Enhancements:
- Utilizing funding for product development and expansion.
- Aims to acquire a non-banking financial company (NBFC) for business growth.
- Offers innovative credit solutions to streamline capital flow across supply chains.
Partnership and Collaborations
- Key Partners:
- Progfin Private Limited
- Kisetsu Saison Finance (India) Pvt Ltd
- Cholamandalam Investment
- Muthoot Finance Ltd
- Ujjivan Small Finance Bank
News and Media Coverage
- Media Mentions:
- Covered by TechCrunch for receiving significant backing from major investors like Google and Tiger Global.
- Highlighted for targeting the working capital gap for the MSME sector in India, estimated at around 98%.
- Featured in partnership announcements and financial network expansion efforts.
Industry Impact and Market Position
- Market Objectives:
- Progcap aims to be recognized as India’s first full-stack retailer-focused digital bank.
- Intends to impact over 5 million SMBs in the coming years.
- Serving a vast network of over 700,000 retailers, 500 cities across India.
- Competitive Edge:
- Specialized focus on leveraging technology to deliver financial resources to traditionally underserved sectors.
- Strong collaborative ecosystem with established financial and technological partners.
This highly detailed report captures the salient aspects of Progcap’s business model, partnerships, and market operations using the available data.
