Latest News | Business Briefs Stride Ventures Leads Rs 10 Crore Debt Round in Sequoia-backed Progcap

New Delhi, Feb 9 (PTI) Stride Ventures on Tuesday said it has led a debt round of Rs 10 crore in Progcap, a fintech company providing access to fast and flexible collateral-free working capital to retailers.

This is Stride Ventures' 14th investment from its maiden fund and second investment in the fintech space, a statement said.

The investment in Progcap (Desiderata Impact Ventures) contributes to Stride's growing ecosystem of great founders backed by top tier investors, it added.

Founded in 2017 by Pallavi Shrivastava and Himanshu Chandra, Progcap has scaled up over 5x post COVID. It has over two lakh retailers on its platform and provides the underbanked, semi-urban and rural retailers in India access to flexible, collateral-free working capital.

**** Agility Venture Partners to invest in 30 tech start-ups in 2021

*Agility Venture Partners (AVP) on Tuesday said it is scouting for 30 technology-based start-ups this year and will invest upto Rs 22.5 crore in these new businesses.

AVP, an angel investors network, aims to invest in new technology-focuses businesses at an early stage, a statement said.

AVP is looking for companies that have the potential to create disproportionate value in sectors like education technology, healthcare, e-commerce, gaming, automobiles, electric vehicles, robotics, agri-tech and manufacturing among others, it added.

In seven months, AVP has invested Rs 5.5 crore in seven companies.

**** Shree Cement collaborates with IBM to enhance manufacturing plant efficiencies

*Tech giant IBM on Tuesday announced a collaboration with Shree Cement Ltd, one of India's top three cement producers, to run its database and core business applications using IBM's solutions.

The implementation will allow Shree Cement to seamlessly enhance its productivity and bring in supply chain efficiencies across its manufacturing plants, a statement said.

Shree Cement automated its key supply chain processes that have helped the company optimise operational decisions, improve processes, bring in supply chain efficiency, drive better cost and revenue decisions.

It has also integrated a third-party IoT solution on the same platform to track manufacturing plant data such as in-plant logistics, supply chain processes involving the movement of raw materials and trucks from yards to plants, and monitor production efficiencies.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)