February 10, 2021

Stride Ventures: Stride Ventures leads Rs 10 crore debt spherical in Sequoia-backed Progcap

Stride Ventures has led a debt spherical of Rs 10 crore in Progcap – a participant offering entry to collateral-free working capital to retailers. The fund is dedicated to being a strategic companion in Progcap’s development journey.

That is Stride Ventures’ fourteenth funding from its maiden fund and second funding within the fintech area. Progcap has over two lakh retailers on its platform.

These funds shall be deployed to extend their AUM and penetration amongst retailers throughout the nation. Progcap will look to strengthen its ties with banks and corporates by leveraging Stride’s community.

Based in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap offers entry to collateral-free working capital to retailers in Tier-II, III, and IV areas, the place retailers face challenges in accessing capital for his or her companies. Via its Final Mile Retailer Finance facility (LMRF) resolution, the fintech firm offers the underbanked, semi-urban and rural retailers in India entry to versatile, collateral-free working capital.

In a press release, Ishpreet Gandhi, founder, Stride Ventures, mentioned “India has a posh provide chain. Nonetheless, the options for small sellers and retailers are restricted. Accessibility to credit score will allow them to be on the forefront of India’s consumption story and Progcap is properly positioned to drive this modification. We’re witnessing robust momentum in FinTech and acknowledge the dimensions of the chance in India.”

“Whereas Progcap is properly capitalized, it’s Stride crew’s experience within the banking ecosystem that we’re wanting ahead to faucet into to assist speed up our development,” mentioned Pallavi Shrivastava in a press release.

Since its inception, Stride Ventures has targeted on investing in market leaders throughout sectors. Stride Ventures launched its maiden fund in 2019 and plans to spend money on 25-30 startups for Stride Enterprise India Fund I.

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