Fintech startup Progcap raises $40 mn in funding round backed by Google

Progcap, an Indian fintech startup, has raised US$ 40 millon in its Series-C funding round backed by Google. Existing investors Sequoia India and Southeast Asia also participated in the round. The company was valued at US$ 600 million after the fundraising, which was an extension of its Series-C round. The company had previously raised US$ 30 million from Creation Investments and Tiger Global.

Progcap will use the new funds to support its expansion plans and accelerate product development. The startup has raised about US$ 100 million in funding in the past one year.

Working with more than 700,000 small and medium-sized businesses, the startup has facilitated credit disbursements worth more than Rs. 6,500 crore (US$ 822.77 million).

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