Progcap, a New Delhi-based fintech platform for small and mid-size businesses (SMBs) has raised $40 million in private equity capital at a $600 million valuation as part of its Series C extension, taking the total Series C round to $70 million.
The funding was led by Creation Investments and Tiger Global Management with the participation of its existing investor Sequoia Capital India, and Google who joined as a new investor.
“The startup will use the funding to support its expansion and accelerate product development,” the statement said.
In the last 12 months, It has raised over $100 million in equity and has reported over annualized disbursals of $1 billion, growing by 4 times year on year.
Commenting on the funding round, Pallavi Shrivastava & Himanshu Chandra, Co-founders of Progcap said, “We are delighted that our existing investors have continued to deepen their conviction in us, and thrilled that Google has joined us on this journey.”
Speaking on the investment round, Tyler Day, Partner at Creation Investments said, “Progcap’s progress has been exceptional. We’re delighted to invest once again behind their team as they expand their product offering and further serve last-mile retailers in India.”