Beams Fintech Fund invests in supply chain finance company, Progcap – Times of India

Beams Fintech Fund has invested in the Series C round of supply chain finance company, Progcap. Along with Google, Creations, Tiger, and Sequoia, Beams has also contributed to this round. GrowX, CIBIL chairman MV Nair, and Freecharge co-founder Sandeep Tandon are additional investors in this company. Along with Beams, other investors in the round included ZNL Growth Fund and 9Unicorns.
Supply chain finance is the need of the hour with many companies facing cash flow crunches and unorganised collections processes. Progcap is said to bridge the gap between distributors and retailers through specialised finance, payments, and technology. As per the company, it has disbursed more than $1 billion in loans, growing at 4X annually, and has also worked with over 700,000 SMBs.

The ecosystem and network of LPs of Beams Fintech Fund, which includes top banks and NBFCs, will try to cross-pollinate with Progcap. Its strategy is to cross-pollinate between its LP’s and portfolio companies. Beam is said to make it easier for Progcap to access its banking network and open doors to more than 250 startups in its group’s portfolio for partnerships, collaboration, and potential acquisition opportunities.
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 SMEs and 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.”
Meanwhile, Pallavi Shrivastava, Co-founder, Progcap, said, “We are excited to join hands with the Beams team to solve challenges faced by MSMEs and SMEs in their financing requirements. Beams has built an interesting value-added strategy towards companies, and we are looking forward to working together with them on problems being solved by Progcap.”