Google backs Progcap, a startup delivering working capital to small retailers in India

Google has invested in Progcap, an Indian startup that provides working capital to small and medium-sized businesses, the firms said Tuesday, making a new push into a category that has attracted the attention of Facebook and Amazon in recent years.
The investment is part of a $40 million fresh funding Progcap has raised, it said. Creation Investments and Tiger Global led the five-year-old startup’s Series C financing round, which nearly tripled its valuation to $600 million since September last year. Existing backer Sequoia India and Southeast Asia also participated in the round, Progcap said.

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