JSA advised Creation Investments Social Ventures Fund V, LP (Creation), a Chicago based investment fund, in its investment in the Series C round of Desiderata Impact Ventures Private Limited (Progcap).
The round of USD 40 million (around Rs. 306 crores) was led by existing investors, Creation and Tiger Global. Sequoia Capital, another existing investor also participated in the round along with Google, who joined as an investor in this round. The fundraise valued Progcap at USD 600 million.
Progcap provides collateral free working capital loans through its financing solution to retailers. It has has facilitated credit disbursals worth over Rs 6,500 crore, working with over 7,00,000 small and medium businesses.
Deal Value: USD 40 million
JSA team comprised – Lead Partner – Lalit Kumar, Partner – Bharati Joshi, and Associate – Zarish Ali.
JSA Direct tax team comprised – Partner & Head of Practice – Direct Tax – Kumarmanglam Vijay, and Associate – Shiv Singhal.
Bharati’s practice covers diverse areas of General Corporate Commercial, Mergers & Acquisitions as well as Private Equity transactions.