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Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 12m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
Medial

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcap’s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firm’s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the company’s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

Progcap nearly doubles revenue to Rs 268 Cr in FY25; nears breakeven

EntrackrEntrackr · 17h ago
Progcap nearly doubles revenue to Rs 268 Cr in FY25; nears breakeven
Medial

Progcap nearly doubles revenue to Rs 268 Cr in FY25; nears breakeven Peak XV and Tiger Global-backed fintech firm Progcap nearly doubled its revenue in the fiscal year ended March 2025. During the same period, the company reduced its losses by 87%. Progcap’s revenue from operations jumped 93% to Rs 268 crore in FY25 from Rs 139 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last-mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 10 crore from interest on deposits and gains on current investments, which pushed its total income to Rs 278 crore in FY25 from Rs 159 crore in FY24. On the cost side, employee benefit expenses accounted for 45% of total expenses. This cost remained flat at Rs 126 crore in FY25 as compared to Rs 124 crore in FY24. Finance costs surged over four times to Rs 91 crore in FY25 from Rs 22.5 crore in FY24. Write-offs also rose to Rs 24.5 crore from Rs 15 crore, while legal charges increased to Rs 6.5 crore. Overall, its total expenses grew 37% to Rs 279 crore in FY25 from Rs 203 crore in FY24. With the company’s revenue outpacing expense growth, Progcap managed to cut its losses by 87% to Rs 6 crore in FY25 from Rs 46 crore in FY24. The company posted a positive EBITDA of Rs 75 crore with an EBITDA margin of 27.99%. Its ROCE was 7.40% during the period. On a unit basis, the company spent Rs 1.04 to earn a rupee in FY25, compared to Rs 1.46 in FY24. The Gurugram-based firm reported cash and bank balances of Rs 207 crore at the end of March 2025, while its current assets rose to Rs 1,799 crore. Progcap has raised around $111 million of funding to date, having Tiger Global, Peak XV, Creation Investments and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company. Progcap’s competitor, FlexiLoans’ revenue grew 47% to Rs 385 crore in FY25. The company also increased its profit by 33% to Rs 4 crore in FY25 from Rs 3 crore in FY24. For Progcap, the shift from a capital light marketplace model till 2022, when it simply was the go between as large lenders took the risk, and having its own NBFC for lending has been a well-managed transition. While that has scaled up fund requirements and a possible IPO in the pipeline too, the firm has demonstrated a superior ability to deliver to the tier 2, 3 and beyond retailers it claims as stomping grounds. The firm has built some innovative products like credit on tap as it has learnt more about these customers, and that has built a sort of moat for it as well. Certainly a firm to watch as it delivers a possibly profitable FY26 and will certainly be a prime candidate for an IPO in time.

Shalabh Shrivastava quits Swiggy; Saurav Goyal takes over Driver Org

EntrackrEntrackr · 8m ago
Shalabh Shrivastava quits Swiggy; Saurav Goyal takes over Driver Org
Medial

Shalabh Shrivastava quits Swiggy; Saurav Goyal takes over Driver Org On Tuesday, Swiggy announced that Saurav Goyal will now lead its Driver and Delivery operations. He will fill Shrivastava's position, but the firm didn’t mention his (Shrivastava) resignation. Shalabh Shrivastava, the senior vice president of Driver Org at Swiggy, has quit the company, according to sources aware of the development. Before joining Swiggy in November last year, Shrivastava worked at Flipkart for over 10 years and was promoted to VP and National Head of Large and Furniture Supply Chain, a role he held for nearly three years. On Tuesday, Swiggy announced that Saurav Goyal will now lead its Driver and Delivery operations. He will fill Shrivastava's position, but the firm didn’t mention his (Shrivastava) resignation. Queries sent to Swiggy did not receive a response. Goyal, who joined Swiggy in 2020, will continue in the role of senior vice president of Business Finance until a replacement is named. He has over 18 years of experience across firms, including Ola, and has supported Swiggy’s IPO efforts. Driver and Delivery operations is a critical function for foodtech platforms like Swiggy, as it manages relationships with delivery partners who are the backbone of their logistics network. The Bengaluru-based company partners with over 2.5 lakh restaurants across 700 cities and works with more than 5 lakh delivery workers. With growing competition in food and quick-commerce, efficient delivery coordination is essential to ensuring speed and service quality. Amid rising competition from Blinkit and Zepto, Swiggy continues to operate in the red. While its operating revenue grew 45% year-on-year to Rs 4,410 crore in Q4 FY25, losses jumped 95% to Rs 1,081 crore.

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