Google invests in Indian fintech startup Progcap
Google has put resources into Indian startup Progcap that takes special care of little and medium-sized organizations, as it brought $40 million up in its Series C financing round.
The subsidizing into Progcap, which serves in excess of 700,000 little retailers by broadening a rotating credit line of $10,000 to $12,500 to them, was driven by Creation Investments and Tiger Global.
"Progcap is turning into the center working motor for every one of the exchanges of its clients, giving them credit and innovation arrangements that make their organizations more proficient," said Pallavi Shrivastava and Himanshu Chandra, Co-pioneers.
Existing financial backers Sequoia India and Southeast Asia additionally partook in the round.
The raise support was an augmentation of the organization's Series C round and values the organization at $600 million. Prior, it raised $30 million from Tiger Global and Creation Investments.
Progcap said it will utilize the new assets to help its extension and speed up item advancement.
The startup has worked with credit disbursals worth over Rs 6,500 crore, working with north of 7,00,000 little and medium organizations.
The startup has brought about $100 million up in subsidizing in the beyond one year.
"Yet again we're more than happy to contribute behind the Progcap group as it extends its item offering and further serves last-mile retailers in India," said Tyler Day, Partner, Creation Investments.