Lending startup Progcap which caters to last mile businesses has raised Rs 7 crore in seed funding led by early-stage venture capital firm growx ventures. Contrarian Drishti, along with angel investors Somak Ghosh and Abhishek Dalmia also participated in the round.
Through its Last Mile Retailer Finance facility (LMRF), Progcap provides access to fast and flexible collateral-free, working capital to retailers in Tier II, III and IV towns. Funding will be used towards scaling up LMRF Platform.
