Google becomes latest investor in fintech Progcap via $40M funding round
Google has invested in the Indian firm Progcap, which serves small and medium-sized enterprises, as part of its $40 million Series C fundraising round. Google became the newest investor in SME-focused fintech Progcap after taking part in the company's $40 million Series C fundraising round (around Rs 308 crore). Tiger Global Management and Creation Investments, both existing investors, lead the round. The New Delhi-based business was valued at $600 million in the financing, a threefold increase from its prior valuation of $200 million. Sequoia Capital India, another existing investor, also contributed, bringing the total Series C fundraising round to $70 million (about 539 crore). Progcap also intends to become operationally viable in the coming months, according to co-founder Pallavi Shrivastava in an interview on Monday. Desiderata Impact Ventures Pvt. Ltd., which runs Progcap, has raised approximately $100 million in equity capital in the previous year. It als...