The MSME Fintech Introduces Progshakti Development program; aligned to Government’s ‘Viksit Bharat’ vision of including 70% women in the workforce
FinTech BizNews Service
New Delhi, March 10, 2025: Aligned with the Government’s ‘Viksit Bharat’ vision for 2047 and the goal of increasing women's workforce participation to 70%, MSME Fintech leader, Progcap marks this International Women’s Day by committing to empower 10,000 women-led MSMEs in semi-urban and rural India by FY27. The company has introduced ProgShakti Development Program, wherein women entrepreneurs can access loans of up to INR 10 lakh and get certified through capacity-building knowledge sessions helping them grow their businesses.
As per Economic Survey 2024-25, only 22% of MSMEs in India are owned by women, with only half of these businesses being directly managed by them, 90% of these women face challenges to access capital. Addressing the challenge of gender gap in access to credit and with an aim to encourage women entrepreneurship, Progcap’s initiative offers customized credit tailored to the needs of women led enterprises and eliminates the need for a male co-applicant when assessing the creditworthiness. The program challenges traditional norms that often act as barriers to financial independence.
Founded by Pallavi Shrivastava and Himanshu Chandra, Progcap is backed by Peak XV (previously Sequoia Capital India), Creation Investments, Tiger Global and Google among others. Progcap provides an end-to-end platform that powers finance, technology and commerce solutions to empower MSMEs. The company has facilitated over $4 billion impacting over 100,000 customers till date.
Pallavi Shrivastava, Cofounder of Progcap, said, “In our experience working with MSMEs, we have found that while many small businesses are registered under women’s names, most exist only on paper. Additionally, financial institutions often require a male co-applicant, reinforcing systemic barriers to financial independence. This needs to change. With the launch of ProgShakti, our goal is to ensure more women step forward as real business operators by providing tailored credit solutions, equipping them with the business knowledge, skills, and capacity-building support needed to sustain and grow their enterprises, and empowering them to take charge as decision-makers in both business and their communities. Women’s participation in economic activities is a key driver of growth, and fostering their success will lead to a more empowered and prosperous India. This ambitious goal can only be realized by increasing women’s contribution beyond the current 18% of GDP.”
In the next phase of ProgShakti, Progcap plans to expand its reach by collaborating with Self Help groups and NGOs working towards women entrepreneurship and empowerment, further catering to a larger network of women-led MSMEs, equipping them with the resources and knowledge needed to drive sustainable business growth and positively impact their communities.
Remika Agrawal, Country Head of Creations Investment LLC said,
"Investing in women-led businesses is not just about financial returns; it's about driving long-term, sustainable economic growth. Progcap’s ProgShakti initiative is a game-changer, breaking barriers that have historically limited women entrepreneurs' access to capital. By empowering women-led MSMEs, Progcap is not only supporting businesses but also strengthening communities. We are proud to back a company that is committed to making finance more inclusive and enabling women to take charge of their financial futures.”
Progcap plans to conduct over 100 workshops across India, offering training in business management and financial planning. These capacity-building programs will be delivered through a mix of in-person sessions and digital platforms, ensuring accessibility for women from diverse backgrounds.
Over the next two years, Progcap aims to increase the share of women-led businesses in its portfolio from the current sub 20% to 30%, while ensuring that at least 70% of ProgShakti borrowers participate in financial literacy programs.
By breaking systemic barriers and fostering financial inclusion, Progcap is paving the way for a future where women-led MSMEs are not just supported but empowered to lead India’s economic transformation.
