Indian fintech startup Progcap secures funding of $40 million from Google in the Series C round
- ByStartupStory | June 28, 2022
Google has invested in the Indian startup Progcap, which serves small and medium-sized businesses, as part of its $40 million Series C funding round.
Creation Investments and Tiger Global led the investment in Progcap, which provides a revolving credit line of $10,000 to $12,500 to over 700,000 small retailers.
“Progcap is becoming the core operating engine for all of its customers’ transactions, providing them with credit and technology solutions that make their businesses more efficient,” said Pallavi Shrivastava and Himanshu Chandra.
Existing investors Sequoia India and Southeast Asia joined the round as well. The round of funding was an extension of the company’s Series C round, and it valued the company at $600 million. Previously, Tiger Global and Creation Investments contributed $30 million.
Progcap stated that the new funds would be used to support its expansion and accelerate product development. Working with over 7,00,000 small and medium businesses, the startup has facilitated credit disbursements worth over Rs 6,500 crore.
In the last year, the startup has raised approximately $100 million in funding.
“We’re thrilled to be investing once more in the Progcap team as it expands its product offering and serves last-mile retailers in India,” said Tyler Day, Partner at Creation Investments.
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