India, December 2022: Progcap, a pioneer in corporate-led financing solutions for small and mid-size businesses (SMBs) in India, has strengthened its leadership ranks with the appointment of Mr. Zafar Imam as Executive Director (ED) – Lending. In his role, Mr. Imam is responsible for growing the lending business by expanding across industries and product range.
A banking and finance veteran with two decades of experience, Mr. Imam has helmed leadership roles across brands such as Finshell, Axis Bank, HDFC and Cholamandalam. In his previous roles, his leadership skills have resulted in high-performing teams and driven positive outcomes.
Progcap had bolstered its leadership team earlier this year by making strategic talent acquisitions. The company had appointed supply chain finance veteran, Mr. Abhishek Lall as Chief Business Officer. Abhishek brings with him a wealth of experience leading a large supply chain finance book at Standard Chartered Bank and IDFC First. The company has also appointed Ms. Swati R. Agarwal as Chief Risk Officer and Mr. Vishal Wali as Chief Collections Officer.
These appointments highlight the company’s plans for further growth and expansion by leveraging the expertise of these professionals in key leadership roles. Speaking on these developments, Mr. Himanshu Chandra, Co-Founder, Progcap, said, “Progcap is committed to its vision of providing financial access to underserved segments of the Indian retail economy, through specialized financing and technology products. Along with a strong mission focus, the leadership team brings tremendous experience in building businesses from scratch and scaling them profitably and will play an instrumental role in helping Progcap scale newer heights”.
Earlier this year, Progcap was recognized as the fastest-growing startup in the country by revenue and growth, as per the Practus Hurun India PE Performers 2022 report.
Progcap, with over 8 lakh retailers across a multitude of industries, had turned profitable this quarter and got its own NBFC license. The company aims to continue the growth momentum and attain 5,000 Cr+ book size in the mid-term. Other key plans include taking the company towards listing in a few years.