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Stride Ventures Leads INR 10 Crore Debt Round In Progcap

The investment in Progcap contributes to Stride’s growing ecosystem of great founders backed by top tier investors. These funds will be strategically deployed to increase their AUM and increase their penetration amongst retailers across the country.

Stride Ventures, one of India’s leading venture debt funds, has led a debt round of INR 10 crore in Progcap – a rapidly-growing fintech player providing access to fast and flexible collateral-free working capital to retailers. The fund is committed to being a strategic partner in Progcap’s growth journey with its customized offerings and deep relationships across banks and corporates.

This is Stride Ventures’ fourteenth investment from its maiden fund and second investment in the fintech space. The investment in Progcap contributes to Stride’s growing ecosystem of great founders backed by top tier investors. Progcap has scaled up over 5x post COVID with best-in-class asset quality. The company has over 2 lakh retailers on its platform and has partnered with some of the largest brands in the country.

These funds will be strategically deployed to increase their AUM and increase their penetration amongst retailers across the country. Further, 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 fast and flexible collateral-free working capital to retailers in Tier-II, III, and IV areas, where retailers typically face challenges in accessing capital for their businesses. 

On the funding, Ishpreet Gandhi, Founder and Managing Partner, 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. Given our banking vintage and relationships across banks and corporates, we are excited to partner with Progcap in their journey.”

Pallavi and Himanshu, Co-Founders, Progcap, said, “We are excited to partner with Stride Ventures as we continue to scale the business. While Progcap is well capitalized, it is Stride team’s deep expertise in the banking ecosystem that we are looking forward to tap into to help accelerate our growth. We have just crossed $100 Million in disbursals and expect to reach US$1B GMV by March ‘22.

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.

Source: Business World

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