Indian startup Progcap receives investments from Google
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NEW DELHI: An Indian startup, Progcap that caters to small and medium-sized businesses, has had an investment from Google, as it raised $40 million in its Series C funding round.
Creation Investments and Tiger Global has spearheaded the Progcap funding which serves 700,000 small retailers and has expanded its revolving credit line from $ 10,000 to $ 12,500.
"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," said Pallavi Shrivastava and Himanshu Chandra, Co-founders. 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, IANS reported.
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.
Tyler Day, Partner, Creation Investments said, "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."