In order to support small and medium-sized enterprises, Google has invested in the Indian firm Progcap, which raised $40 million in its Series C fundraising round.
Progcap, an Indian firm that serves small and medium-sized enterprises, earned $40 million in its Series C fundraising round, and Google has invested in the company.
Creation Investments and Tiger Global were the primary investors in Progcap, which provides a revolving credit line of $10,000 to $12,500 to more than 700,000 small merchants.
“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 firm was valued at $600 million after the fundraising, which was an expansion of its Series C financing. It had previously received $30 million from Creation Investments and Tiger Global.
According to Progcap, the additional money will be used to assist business growth and quicken product development.
Working with more than 7,00,000 small and medium-sized enterprises, the company has secured credit disbursements totaling more than Rs 6,500 crore.
In the last year, the business has raised nearly $100 million in the capital.
Tyler Day, Partner at Creation Investments, stated, “We’re thrilled to invest once more behind the Progcap team as it grows its product offering and further benefits last-mile shops in India.
