Google backs Indian SME lender Progcap’s $40M Series C+ round

Delhi-based Progcap, a provider of corporate-led financing solutions for SMEs in India, has received $40 million in a Series C extension round led by Creation Investments and existing investor Tiger Global.

Google also participated and existing backer Sequoia Capital India also participated.

Progcap will use the additional funding to support its expansion and accelerate product development.

This brings its funds raised so far to approximately $100 million in equity.

Progcap aims to be the first full-stack retailer-focused digital bank that digitises, automates, and eases capital movement across the supply chain to SMEs that have been excluded from the formal financial ecosystem.

It aims to close the credit gap backed by its technology and a supply chain evaluation for credit assessment. The company provides SMEs with access to flexible, customised capital that matches their business growth requirements. In addition, it also provides a host of other technology solutions to help them increase profitability, manage cash flow and expand their businesses.

Co-founders Pallavi Shrivastava and Himanshu Chandra said: “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.”  

Chicago-based Creation Investments is a global alternative asset manager and impact investor that manages $1.9 billion on behalf of institutional investors, family offices and high-net-worth individuals.