Indian fintech startup Progcap has secured $40m in funding as part of its Series C extension investment round.
The funding round was led by Creation Investments and existing investor Tiger Global Management with participation from Sequoia Capital India and Google.
Delhi-based Progcap is a retailer-focused digital bank that digitises, automates, and eases capital movement across the supply chain to small and medium-sized businesses.
The firm has raised approximately $100m in equity to date.
The additional capital will support Progcap’s plans for expansion and support the firm to accelerate product development.
Creation Investments partner Tyler Day said: “Progcap’s progress has been exceptional. We are pleased to invest in Progcap once again as the team expands its product offering to further serve retailers in India.”
Progcap claims to have offered last-mile credit solutions of over $750m through its retailer financing platform.
The firm aims to transform the way digital access is delivered to underserved segments of the Indian retail economy that empower small and medium businesses to grow their business.
Commenting on the development, Progcap co-founders Pallavi Shrivastava and Himanshu Chandra said: “We are delighted that our existing investors have continued to deepen their conviction in Progcap and thrilled that Google has joined us on this journey.
“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.”