Global tech major Google has announced to invest $40 million in an Indian startup Progcap that caters to small and medium-sized businesses in a Series C funding round.
The funding into Progcap, which serves more than 700,000 small retailers by extending a revolving credit line of $10,000 to $12,500 to them, was led by Creation Investments and Tiger Global.
“Progcap is becoming the core operating engine for all the transactions of its customers, providing them with credit and technology solutions that make their businesses more efficient,” Pallavi Shrivastava and Himanshu Chandra, Co-founders said.
Existing investors Sequoia India and Southeast Asia also participated in the round. The fundraise was an extension of the company's Series C round and values the company at $600 million. Earlier, it raised $30 million from Tiger Global and Creation Investments.
Progcap said it will use the new funds to support its expansion and accelerate product development. The startup has facilitated credit disbursals worth over Rs 6,500 crore, working with over 7,00,000 small and medium businesses.
The startup has raised about $100 million in funding in the past one year. “We're delighted to invest once again behind the Progcap team as it expands its product offering and further serves last-mile retailers in India,” Tyler Day, Partner, Creation Investments said.
