Beams Fintech Fund Invests in Progcap, India’s leading Supply Chain Finance company
Having worked at Global organizations such as the World Bank and IFC, Pallavi has a nuanced understanding of how innovative financing structures can be used to propel the growth of underserved businesses and how this can be applied in the Indian context. On the other hand, Himanshu comes with deep experience in supply chain finance, having built the supply chain finance portfolio at Standard Chartered Bank.
Supply chain finance is the need of the hour with many companies facing cash flow crunches and unorganized collections processes, Progcap is bridging the gap between distributors and retailers through specialized finance, payments and technology.
Till date, Progcap has disbursed more than $1 billion in loans, grown 4X annually. It has worked with over 700,000 SMBs.
Beams Fintech Fund’s ecosystem and network of LP’s, which includes leading Banks and NBFC’s, will look to cross pollinate with Progcap. Beams value add strategy is to cross-pollinate between its LP’s and portfolio companies. Beams will facilitate access to its banking network and open doors to its group’s portfolio of 250+ startups for partnerships, collaboration, and potential acquisition opportunities for Progcap.
Sagar Agarvwal, Managing Partner & Co-Founder of Beams, said, “We are pleased 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 SME/MSME’s require access to capital through innovative financing solutions. We are excited to work with Pallavi and Himanshu on building the future of supply chain finance and payments in India”.
“We are excited to join hands with Beams team to solve challenges faced by MSMEs/SMEs in their financing requirements. Beams has a built an interesting value add strategy towards companies & we are looking forward to working together with them on problems being solved by Progcap,” said Pallavi Shrivastava, Co-founder, Progcap.
About Beams Fintech Fund
Beams Fintech Fund is a Growth Capital Fintech fund for India offering Ecosystem, Value Add & Capital to support the Fintech founders of tomorrow. Beams is backed by India’s first and largest integrated incubator, Venture Catalysts, that also has 9Unicorns, a $100 million early-stage sector-agnostic accelerator fund in its stable. Beams Fintech Fund is focusing on investing in growth stage rounds of financial technology companies run by exceptional entrepreneurs. We aim to create the market leaders of the Fintech revolution in India by supporting entrepreneurs in building enterprise solutions for the financial services industry & disrupting the way banking & financial services are traditionally offered to customers & businesses.
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