# Progcap

Progcap is an Asset Manager based in New Delhi, India.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New Delhi, India
- **Region:** Asia
- **Address:** 1st Floor, C-3, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016, India
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** www.progcap.com
- **LinkedIn:** https://www.linkedin.com/company/progcap

## Regulatory record

- **Reports private funds:** No

## About

Progcap is revolutionising the way financial access is delivered to underserved segments of the Indian retail economy, through specialized financing and technology products that empower small and medium businesses (SMBs) to progress without obstacles.

## Sectors

- FinTech
- Private Credit
- Enterprise Software

## Offices

- New Delhi (Okhla Phase III)

## People

- Pallavi Shrivastava — Co-Founder
- Himanshu Chandra — Co-Founder
- Sushil Thaker — Leadership Team
- Ashish Gupta — Leadership Team
- Abhishek Lall — Leadership Team
- Ajay Kala — Leadership Team
- Rahul Khandelwal — Leadership Team
- Vishal Wali — Leadership Team

## Questions

### Who runs investment decisions at Progcap?

Progcap is a technology-enabled lending platform, not an externally managed fund. Credit underwriting and product direction are run by the co-founders and leadership team. Co-founder Pallavi Shrivastava has been recognized repeatedly as a woman leader in fintech, including the “Woman Fintech Leader of the Year” award at the 2025 Bharat Fintech Summit, and acts as the firm's most visible executive.

### How does Progcap underwrite credit to last-mile retailers?

Instead of relying on traditional credit scores or collateral, Progcap anchors its underwriting to the digitized transaction history between retailers and their corporate distributors or suppliers. This supply-chain data — purchase frequency, volume, payment cycles — replaces the formal balance-sheet metrics that exclude most Indian micro-retailers from bank credit.

### Does Progcap operate as a balance-sheet lender or a marketplace?

Progcap structures its loans through partnerships with regulated financial institutions. In 2022, it entered a co-lending agreement with Ujjivan Small Finance Bank, allowing the bank to fund loans while Progcap provides sourcing, underwriting, and technology. Prior debt rounds include one led by Stride Ventures, underscoring an asset-light, partnership-driven funding model.

### Which investors back Progcap, and at what scale?

Tiger Global, Sequoia Capital India, and Google are its most prominent backers. Tiger Global and Creation Investments led a $30 million Series C in June 2021 (per TechCrunch), and Google joined shortly after with a $40 million round. Sequoia India had already led a $5 million round in 2019 and co-led a $25 million Series B with Tiger Global in early 2020.

### What is Progcap's geographic footprint within India?

The firm operates in more than 500 cities across India, with head offices in New Delhi and a regional office in Okhla Industrial Estate. Its product is designed for semi-urban and rural last-mile distribution points, where corporate supply chains still reach but formal financial infrastructure often does not.

### How does Progcap acquire customers, and why is that structurally valuable?

Retailer acquisition flows through existing corporate supply-chain relationships: distributors and corporate suppliers introduce their downstream retailers to Progcap's financing platform. This embedded distribution channel lowers customer acquisition costs relative to direct-to-retailer lending apps and ties Progcap's growth to the real-world expansion of corporate distribution networks in India.

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Last updated: 2026-06-03T20:00:00.000Z

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