According to reports, Business-to-Business (B2B) lending platform Progcap has raised $40 million, in an extension of its Series C funding round.

Existing investors such as Creation Investments, Tiger Global Management and Sequoia Capital led the round, with Google joining in as a new investor.

Reports suggest that, the startup is valued at around $ 600 million.

Last year the company has raised $30 million in the first tranche of its Series C round, led by Tiger Global Management and Creation Investments.

So far the company has risen around $120 funds.

Founded in 2017 by Shrivastava and Himanshu Chandra, the startup provides collateral-free working capital to small and medium-sized businesses (SMBs) and retailers in India.

Pallavi Shrivastava, cofounder, Progcap says, “We are looking to expand our footprint to more geographies that we will be identifying and apart from that we are working on developing our app that helps to digitize our clients’ day-to-day finances.”

“We are also working on product expansion and tapping into some newer segments like serving businesses in electrical and electronics and lending for manufacturing as well,” adds Shrivastava.

According to reports, the fintech platform claims to have facilitated over Rs 6,500 crore in credit, working with over 700,000 SMBs. It had recorded annualized disbursals of $1 billion, which is growing by 4X year-on-year.

Shrivastava says, “We are looking to disburse around Rs 1,000 crore of loans by August. We are hitting close to $20 million of annualized revenue run rate (ARR).”

According to reports, the company is also evaluating acquisition opportunities.

“We are actively looking for some software providers and will be looking to acquire them, but we are yet to finalize any deals,” adds Chandra.