MP Retailers Get Over Rs $500 loans Through Progcap
Co-founded by Pallavi Shrivastava and Himanshu Chandra, Progcap is the pioneer of business-run last mile financing solutions in India. With its unique and inclusive finance technology, Progcap strives to disrupt the credit market for last mile businesses through a blend of technology and data-driven alternative credit scoring. It successfully provides underbanked, semi-urban and rural retailers in India with access to flexible and unsecured working capital.
With a broad reach across 5 industries ranging from electronics, fast-moving products to groceries and basic necessities, the company has disbursed INR 500 crore in loans to Madhya Pradesh retailers only. The company successfully serves 4,000 to 5,000 retailers in the region with an exceptional 24-48 hour Turnaround Time (TAT) to provide the credit limit from the date of 0 loans
â€œWe have also implemented dynamic limits for retailers to provide them with sufficient credit to process orders during Diwali for the months to come. The company has also rolled out high business incentives for the holiday season. With the increased limits provided to retailers, they were able to effectively plan their sales, thereby increasing their profit margins. Said Ms. Pallavi Shrivastava, co-founder and director of Progcap.
Progcap has over 60 partners who are actively working alongside the company to provide credit to retailers in Tier 3 / Tier 4 cities. The company also experienced 100% growth in September – November while offering credit to 2,000 customers month after month. The platform has helped fund more than 500,000 retailers across the country with more than 3,000 crore loan disbursements. Progcap aims to reach $ 1 billion in disbursements by March 2022.