Google Invests in an Indian Startup Progcap To Grow Fintech Product

Google Invests in Indian Startup Progcap serves small and medium-sized businesses, raised $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 provide a revolving credit line of $10,000 to $12,500 to more than 700,000 small merchants.

According to co-founders Pallavi Shrivastava and Himanshu Chandra, “Progcap is becoming into the main operating engine for all of its customers’ activities, offering them credit and technology solutions that increase the efficiency of their enterprises.”

Sequoia India and Southeast Asia, which were already investors, also took part in the round.

The company was valued at $600 million after the fundraising, which was an expansion of its Series C round. It had previously received $30 million from Creation Investments and Tiger Global.

As per 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 businesses, the startup 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”.