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 Collection 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 soar from its earlier valuation of $200 million.
One other present investor, Sequoia Capital India, additionally participated, bringing the full Collection C funding spherical to $70 million (round ₹539 crore).
Progcap additionally goals to show operationally worthwhile within the coming months, co-founder Pallavi Shrivastava stated in an interview on Monday.
Progcap, run by Desiderata Influence 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 growth and help present growth efforts, it stated in a press release individually.
Final October, Progcap raised $30 million as a part of the Collection C funding spherical led by Tiger World and Creation Investments. This adopted the corporate elevating $25 million as a part of its Collection 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 Collection 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 way of acquisition to help enterprise development, Shrivastava stated.
“Progcap is turning into the core working engine for all of the transactions of its clients, offering them with credit score and expertise options that make their companies extra environment friendly,” stated Srivastava and one other co-founder Himanshu Chandra, in keeping with the assertion.
Final yr, the corporate appointed a number of senior executives to bolster its management group. 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 permits capital move throughout the provision chain to underserved retailers.
The corporate says it supplies shoppers with simply accessible and versatile collateral-free working capital loans by way of its financing resolution offered to retailers in tier-2, tier-3 and tier-4 places.
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 Customary Chartered Financial institution.
Supply: Live Mint