asia English news | asia, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

New Delhi, June 28 Google has invested in Indian startup Progcap that caters to small and medium-sized businesses, as it raised $40 million in its Series C funding round.The funding into Progcap, which serves more than 700,000 small retailers by extending a revolving credit line of $10,000 to $12,500 to them, was led by Creation Investments and Tiger Global."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," said Pallavi Shrivastava and Himanshu Chandra, Co-founders.Existing investors Sequoia India and Southeast Asia also participated in the round.The fundraise was an extension of the company's Series C round and values the company at $600 million. Earlier, it raised $30 million from Tiger Global and Creation Investments.Progcap said it will use the new funds to support its expansion and accelerate product development.The startup has facilitated credit disbursals worth over Rs 6,500 crore, working with over 7,00,000 small and medium businesses.The startup has raised about $100 million in funding in the past one year."We're delighted to invest once again behind the Progcap team as it expands its product offering and further serves last-mile retailers in India," said Tyler Day, Partner, Creation Investments.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

AsiaFOLLOW

Asia, Latest News

Inflow, a leading player in the IT Distribution Services market in India and South Asia, in partnership with Cisco, launched the next-generation Center of Excellence (CoE) at Inflow's Bangalore office. The CoE was inaugurated by Daisy Chittilapilly, ...

Singapore, June 29 In a bid to expand its gaming footprint, tech giant Sony has launched new headsets ... ...

New Delhi, June 28 The Centre on Tuesday claimed that the ban on single use plastic (SUP) from ... ...

New Delhi, June 28 As Elon Musk, who turned 51 on Tuesday, decided to put Tesla's entry into ... ...

Mumbai, June 28 Mumbai City FC announced the permanent signing of Lallianzuala Chhangte following his six-month loan spell. ... ...

Modicare, one of India's leading direct selling brands, recently forayed into the UK and marked a significant milestone in its strong legacy of empowering people and giving them Azadi. ...

Seoul, June 28 Korean Air, South Korea's flag carrier, on Tuesday said it will restore its international flights ... ...

New Delhi, June 28 Google has invested in Indian startup Progcap that caters to small and medium-sized businesses, ... ...