The development also comes six months after Flipkart launched Flipkart Labs, a new initiative to test out Web3 technology and use cases for e-commerce.
Supply chain financing startup Progcap has raised another $50 Mn in its Series C funding round. With this, the startup has raised a total of $110 Mn in its Series C round to date. Progcap said it plans to use the raised capital in offering credit to retail MSMEs. Further, it secured $40 Mn in its then-ongoing Series C funding round back in June. With this current fundraising, Progcap said it has raised $151 Mn in funding to date.
“We are pleased to back Pallavi and Himanshu’s supply chain finance platform. The supply chain is a deep problem in India with a credit gap of over $300 Bn and MSMEs require access to capital through innovative financing solutions,” said Sagar Agarwal, managing partner and co-founder of Beams.
Founded by fintech veterans Sagar Agarwal, Dr. Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain, Gaurav Jain, and Venture Catalysts, Beams Fintech Fund mainly backs growth-stage startups operating in financial services and technology sector.
