Business-to-Business (B2B) lending platform Progcap raised $40 million, in an extension of its Series C led by existing backers Creation Investments, Tiger Global Management and Sequoia Capital where Google joining in as a new investor.
Progcap offers collateral-free working capital to small and medium-sized businesses (SMBs) and retailers. The funds will be used to support the company's expansion and accelerate product development, according to a statement. Working with over 700,000 SMBs, the fintech platform claims to have facilitated over Rs 6,500 crore in credit. It reported annualised disbursements of $1 billion, a 4X increase year on year.