Search engine giant Google has recently made a big decision to support the dreams of one Indian-based startup. Google has invested in Progcap, a progressive Fintech company that serves small and medium-sized businesses. It is interesting to note here that after Facebook and Amazon, it is now Google that is taking an active interest in financing small and mid-sized businesses in India.

Progcap has raised $40 million in its series C funding round. Existing investors Sequoia India and Southeast Asia also participated in the round. Earlier, it had raised $30 million from Tiger Global and Creation Investments. Overall, the company has attracted an investment of close to $100 million in funding in the past one year. As per sources, Progcap will use this fund to expand the business and boost the pace of product development.

Progcap aims to become “a full-stack retailer-focused digital bank that digitizes, automates and eases capital movement across the supply chain,” said Pallavi Shrivastava, Co-founder of the startup.

“We are delighted that our existing investors have continued to deepen their conviction in Progcap and thrilled that Google has joined us on this journey,” said Pallavi Shrivastava.

Progcap has a strong network of 7,00,000 retailers across several Indian cities to whom it caters. The company offers a revolving credit line of $10,000 to $12,500 to retailers to help them buy inventories and grow their business. It provides retailers advanced tools to check their account statements and invoices and provides ways to make online payments and track disbursal. In the last 4 years, the company has disbursed $1 billion to retailers.