Power2SME, an online buying hub for small-scale enterprises, has recently raised an additional $36 million funding in a Series E round from its existing investors Accel, Inventus Capital, Kalaari and IFC along with Nandan Nilekani.
The company’s current Series E round also includes an investment of $10 million from the International Finance Corporation, the private sector investment arm of the World Bank Group.
The startup will be using its funds to expand,accelerate product growth and in innovation, besides investing in marketing related activities and acquisition.
Operated by Gurgaon-based BEBB India Pvt Ltd, Power2SME was founded by R Narayana in Jan 2012,and till now has raised about $44.8 million in a total of five rounds.
It claims to have pioneered the category of the B2B Buying Club for SMEs and has created a strong digital ecosystem platform for SMEs. It offers a digital ecosystem for SMEs addressing issues related to material procurement, financing and buying. It has about 50,000 SMEs registered on its platform and operates in about 14 states.
“Power2SME’s goal is to empower SMEs to reach efficiencies of scale, thus, driving profitability for them. Our work has been driven by our vision to make SMEs bankable. Our deep networks and relationships with the banking sector and financial institutions helps us to make our SMEs succeed like never before,” said its founder R Narayan.
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“Our investment will help Power2SME capitalise on the growing demand for their solutions and accelerate the company’s pace of product innovation,” Parag Dhol, managing director at Inventus Capital Partners said.
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