Tiger Global, Google join $40m round for India's Progcap
Tiger Global Management, Google, and Creation Investments have led a USD 40m investment in India’s Progcap, a financing services provider for small businesses.
Sequoia Capital India also participated. The investment is being called an extension of a USD 30m Series C round led by Tiger Global and Creation in October last year with support from Sequoia. It values the company at USD 600m.
Progcap has raised USD 95m in equity in the past 12 months, including a USD 25m Series B provided by Tiger Global and Sequoia. Stride Ventures and GrowX Ventures are among its earliest investors.
Progcap aims to be India’s first full-stack retailer-focused digital bank, offering a platform that digitises supply chains and facilitates access to financing. The idea is to support segments across the retail economy that have been excluded from the formal financial ecosystem yet empower small and medium businesses.
The company is targeting an estimated USD 800bn general trade channel with unmet financial and technological needs. It claims to provide flexible, customised capital that matches companies’ business growth requirements along with other technology-based services to increase profitability, manage cash flow, and expand operations.
Since its inception in 2017, the company has facilitated more than INR 65bn (USD 822m) in credit with some 700,000 businesses. It claims that annualised disbursals have seen 4x year-on-year growth and clocked as high as USD 1bn, although it did not specify the timeframe of this performance.
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