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BENGALURU : Google joined as a brand new investor in Progcap because the small and mid-size business-focused financing supplier raised $40 million (round ₹308 crore) as a part of its Sequence C funding spherical led by present buyers Creation Investments and Tiger World Administration.
The fundraise valued the New Delhi-based startup at $600 million, a three-fold bounce from its earlier valuation of $200 million.
One other present investor, Sequoia Capital India, additionally participated, bringing the overall Sequence C funding spherical to $70 million (round ₹539 crore).
Progcap additionally goals to show operationally worthwhile within the coming months, co-founder Pallavi Shrivastava mentioned in an interview on Monday.
Progcap, run by Desiderata Impression Ventures Pvt. Ltd, has raised almost $100 million in fairness funding within the final 12 months. It additionally recorded annualized disbursal of $1 billion.
The corporate plans to make use of the contemporary capital in direction of product improvement and assist present growth efforts, it mentioned in an announcement individually.
Final October, Progcap raised $30 million as a part of the Sequence C funding spherical led by Tiger World and Creation Investments. This adopted the corporate elevating $25 million as a part of its Sequence B funding spherical led by Tiger World and Sequoia Capital in June.
In February 2021, the startup collected $1.37 million in a debt funding spherical led by Stride Ventures. Beforehand, Sequoia led a $5 million Sequence A spherical of funding into Progcap in July 2019. Others who participated in that train included CIBIL chairman MV Nair, Freecharge co-founder Sandeep Tandon and GrowX Ventures Fund. In April 2019, it raised $1 million in a spherical led by GrowX Ventures.
The fintech startup claims its platform is utilized by 700,000 retailers. It is usually seeking to purchase a non-banking monetary firm (NBFC) by acquisition to help enterprise development, Shrivastava mentioned.
“Progcap is changing into the core working engine for all of the transactions of its prospects, offering them with credit score and expertise options that make their companies extra environment friendly,” mentioned Srivastava and one other co-founder Himanshu Chandra, in accordance with the assertion.
Final 12 months, the corporate appointed a number of senior executives to bolster its management workforce. These included Abhinav Singh, beforehand affiliate companion at McKinsey & Co., who joined the corporate as its chief development officer, and Ashish Gupta, a former chief expertise officer of PolicyBazaar, who leads tech and product features at Progcap.
Established in 2017, Progcap goals to be a full-stack retailer-focused digital financial institution which allows capital stream throughout the availability chain to underserved retailers.
The corporate says it gives shoppers with simply accessible and versatile collateral-free working capital loans by its financing resolution offered to retailers in tier-2, tier-3 and tier-4 areas.
Shrivastava, an alumnus of XLRI Jamshedpur, had beforehand labored with Worldwide Finance Company because the regional lead, Hinduja Group and Infosys. Chandra was earlier related to Barclays and Normal Chartered Financial institution.
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