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Beams Fintech Fund, a growth stage fintech fund, said it had invested an unspecified amount in the Series C round of Progcap, a supply chain finance company. Beams said it had invested alongside Google, Creations, Tiger and Sequoia in this round.
Other investors in the company include GrowX, CIBIL chairman M.V. Nair, and Freecharge co-founder Sandeep Tandon. 9Unicorns & ZNL Growth Fund also participated in the round along, it added.
Sagar Agarvwal, managing partner and co-founder, Beams, said, “Supply chain is a deep problem in India with a credit gap of more than $300 billion and SME/MSMEs require access to capital through innovative financing solutions.”
“Beams has built an interesting value add strategy towards companies and we are looking forward to working together with them,” said Pallavi Shrivastava, co-founder, Progcap.
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