Progcap, a Delhi, India-based provider of corporate-led financing solutions for small and mid-size businesses (SMBs), raised USD40m in funding.
The round was led by Creation Investments, a global alternative asset manager and leading impact investor in emerging markets, existing investor Tiger Global Management, and new backer Google, with participation from current shareholder Sequoia Capital India.
The company, which has raised approximately US$100 million in equity to date, will use the additional funding to support its expansion and accelerate product development.
Co-founded by Pallavi Shrivastava and Himanshu Chandra, Progcap is a full-stack retailer-focused digital bank that digitizes, automates, and eases capital movement across the supply chain to small and medium-sized businesses that have been excluded from the formal financial ecosystem.
The company is empowering retailers by providing them access to flexible, customized capital that matches their business growth requirements along with a host of other technology solutions to help them increase profitability, manage cash flow and expand their businesses.