Power2SME gets funding from Nandan Nilekani, Kalaari, Accel & Inventus Capital
Bengaluru, India | Red Newswire | Jan 25, 2016 Last Updated at 18:00 PM IST.
The ‘Buying Club’ for SMEs, Power2SME has raised funding from Infosys co-founder Nandan Nilekani. The amount has not been disclosed, but is being estimated to be $20 million. The existing investors including Accel Partners, Kalaari Capital and Inventus Capital also participated in the round.
The funds obtained will be used for product line expansion including alloys, copper, rubber, paper, aluminium products and so on.
R Narayan founded Power2SME in 2012 as a company that aggregates raw material as well as product requirements from SMEs and places bulk orders with manufacturers at competitive prices.
According to Nilekani, SMEs require market places and tech platforms. He said, “When SMEs go digital via portals like Power2SME, their data flow becomes visible and boosts their credit worthiness, and this makes it easier for SMEs on the platform to borrow from banks.”
Currently, 30,000 SMEs are registered on the platform. The company operates in Delhi-NCR, Gujarat, Tamil Nadu, West Bengal and Maharashtra.
Before this, the startup raised $6 million from its existing investors.