Venture Catalyst’s Beam Fund Invests $50 M In Progcap

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Beams Fintech Fund, which was launched by Venture Catalyst, has invested $50 million in Progcap’s current Seires C round. The latest fundraise also included participation from valuable investors such as Google, Tiger Global Management, Creation Investments, and Sequoia Capital, as well as GrowX, CIBIL Chairman MV Nair, and 9Unicorns, among others.

Progcap received $40 million in its Series C funding round in June, valuing the New Delhi-based company at $600 million, a threefold increase from its previous valuation of $200 million.

Pallavi Shrivastava and Himanshu Chandra founded Progcap, which is run by Desiderata Impact Ventures, in 2017. It intends to be a full-stack retailer-focused digital bank that facilitates capital flow to underserved retailers across the supply chain. The platform claims to have deployed more than $1 billion in loans to date and has grown fourfolds per year. The company has worked with over 700,000 small and medium-sized businesses.



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