Progcap raised $40 million in private equity capital fundraising at a valuation of $600 million as part of its Series C extension, taking the total round to $70 million. Creation Investments and Tiger Global Management led the funding round and Google joined as the new investor. The investor Sequoia Capital India participated in the round, as per a press release.
This funding will be used to support the expansion and acceleration of product development. Progcap has raised $100 million in equity and recorded annualized disbursals worth $1 billion in the last 12 months. Progcap aims to be the first full-stack retailer-focused digital bank that digitises, automates and eases capital movement across the supply chain for small and medium-sized businesses that are not included in the formal financial system.
Progcap has facilitated credit worth over Rs 6,500 crore and works with over 700,000 small and medium-sized businesses through its retailer financing platform. The company is backed by investors like Tiger Global, Sequoia Capital India, Creation Investments, Google, GrowX Ventures, and others.
Our existing investors have continued to deepen their conviction in Progcap and are delighted that Google has joined us on this journey. Progcap is becoming the core operating engine for all the transactions of its customers, which will give them credit and technology solutions that make their businesses more efficient, company founders Pallavi Shrivastava and Himanshi Chandra said on the fundraise.
Creation Investments partner Tyler Day said, We are delighted to invest once again behind the Progcap team as they expand their product offering and serve last-mile retailers in India.