Indian B2B lending startup Progcap secures $40 million in funding

Progcap, an India-based business-to-business (B2B) platform has secured $40 million in its Series C extension funding round led by Creation Investments, Tiger Global Management, and Sequoia Capital.

• The fund will be used to support its expansion plans and scale its product development, the startup claims.
• Founded in 2017, Progcap offers collateral-free capital to small and medium sizes businesses in India.
• With 4x year-on-year growth, the startup has reached $1 billion in annualized disbursals.
• Google invested in the new round bringing Progcap to $120 million in total raise.