Progcap, a New Delhi-based start-up has been able to raise $40 million from Google in its new series C round of funding. In this round, it is also successful in getting funds from Sequoia Capital India. It takes the total funding from $40 million to $70 million.
Previously, it was also able to receive some funding from Tiger Global and Creation investments. Overall, the company has been able to raise close to $100 million in the last 12 months from various investors in the form of equity funding through various rounds.
Currently, the company is valued at $600 million. It is planning to use the current funding to increase the span of the business. It is planning to invest the amount in product development.
As a service, it provides collateral-free working capital to the underserved retailers in mainly Tier 2, Tier 3, and Tier 4 cities. In this way, it is providing the business solutions a swell as the new opportunities to the retailers who otherwise remain neglected in the business sector for various reasons.
At a rapid pace, it even appointed some high-profile executives as a part of its top management changes. It now has Abhinav Singh and Ashish Gupta on the team as chief growth officer and tech and product functions lead respectively.
These changes will bring in some positive results for the company shortly. The investment from Google is also going to attract many more big names for a share in this company. It will be interesting to see how the plans of the company unfold.
There will also be some business expansions for the company which will help it in gaining more business opportunities in the market. It is also planning to buy an NBFC, to ease its business advancements.
The company is successful in getting enough attention in the market. It claims to have close to 700000 active users. It even has certain competitions. It wants to be the biggest platform in its business segment on the planet. For such a great dream, it will need to be highly competitive and grow at a constant pace in the market.