Google joins $40m round of India-based Progcap

Google has reportedly joined the $40m Series C funding round of India-based SME lending business Progcap, which has tripled its valuation to $600m.

The funding round was led by Tiger Global, with commitments also coming from Sequoia India and Sequoia Southeast Asia, according to a report from TechCrunch.

Progcap goal is to become a full-stack retailer-focused digital bank. The company digitises supply chains and facilitates access to finance for last mile retailers. Its technology facilitates credit, payments, business management and more.

The company has reportedly disbursed about $1bn to retailers.

In a joint statement to TechCrunch, Progcap co-founders Shrivastava and Himanshu Chandra said, ?We are delighted that our existing investors have continued to deepen their conviction in Progcap and thrilled that Google has joined us on this journey. 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.p>

With the close of the round, the company has raised a total of $100m in funding.

Google recently made a $5.4bn acquisition deal for cybersecurity firm Mandiant. The company, which was credited for discovering the major SolarWinds hack in 2020, is used by 600 consultants and 300 intelligence analysts.

Another India-based FinTech company to bag funds this month is Annapurna Finance. The microfinance platform secured $15m in its Series A2 round.

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