Google Invests in Indian fintech startup Progcap
Technology: The world-famous company Google, has invested in Indian start-up Progcap, which provides working capital to small and medium-sized businesses. The program has raised the fund of $40 million in the series C funding round. Existing investors Sequoia India and Southeast Asia have also participated in the round and, the round of funding was an extension of the company’s series round C and it valued the company at $600 million.
Earlier, the company raised $30 million from the tiger global and creation investments. Progcap said that they will use the new funds for Progcap’s expansion and product development. It has become the major core for all the transactions of its customers by providing them with credit cards and technology solutions to make their business more systematic.
The startup serves more than 700,000 retailers across the country. They use their own way and access to retailers which operates a wide range of sectors. The Progcap serves to have a yearly cash flow of about $125,000. The startup has facilitated credit expenditure worth over Rs. 6,500 crores working with over 700,000 small and medium businesses. Extending a revolving credit line of $10,000 to $12,500 to them was led by Creation Investments and Tiger Global.
Google has latest shown its interest in helping these retailers with their finances. Google has served many of these small businesses. The Progcap startup has already raised about $100 million in funding in the past one year.
Tayler Day, a partner at creation investment said that they are very delighted to invest again in the startup Progcap team as they expand their products and offering and further serve the retailers in India.
They are providing tools to the retailers to check their account statements and invoices, and also providing a number of ways to make online payments and tracking.
The co-founder of the startup Pallavi Srivastava said, that Progcap is aim to become a full-stack retailer-focused digital bank that digitalizes, automates, and eases capital movement across the supply chain.