Thursday, September 21, 2023

Google invests in Indian fintech startup Progap that lends credit to SMEs

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Google has invested in Indian startup Progcap that targets small and medium businesses as it raised $40 million in its Series C funding round.

Financing in Progcap, which serves more than 700,000 small retailers by providing them with a $10,000 to $12,500 revolving credit, was led by Creation Investments and Tiger Global.

“Progcap will become the primary driver for all of its clients’ transactions, providing them with credit and technology solutions that make their business more efficient,” said Pallavi Shrivastava and Himanshu Chandra, co-founders.

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Existing investors Sequoia India and Southeast Asia also participated in the round.

The fundraiser was an extension of the company’s Series C round and values ​​the company at $600 million. It previously 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 disbursements worth more than Rs 6,500 crore, working with more than 7,000,000 small and medium-sized businesses.

The startup has raised approximately $100 million in funding in the past year.

“We are delighted to reinvest in the Progcap team as it expands its product offering and further serves last-mile retailers in India,” said Tyler Day, Partner, Creation Investments.


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