SME marketplace Power2sme secures Rs.10 Crore from Inventus Capital Partners
Date: Wednesday , October 31, 2012
Gurgaon based Power2sme, an eCommerce B2B portal focusing on the manufacturing SMEs, procured Rs.10 crore in their second round of funding. This round of funding was lead by Inventus Capital Partners. Through this round of funding this buying club for SMEs aims to expand its product offerings and reach Rs.1,000 crore in annual sales on its platform in three years.
Founded by R. Narayan with seed capital of Rs.2 crore, Power2sme is an online platform which simplifies procuring procedures for SMEs. They work across industries such as metal, polymer, textiles, automotive, construction and electrical by providing information and tools which enable SME's to both improve their efficiency and reduce their procurement costs.
“We are strong believers in the potential of India's SME market, and our objective is to expand our business with the ability to cater to SMEs across multiple sectors. We have an aggressive outlook on growth, where we expect to end our first year with annual sales of Rs.50 crore, growing to Rs.1,000 crores over the next three years,” says R. Narayan.
Power2sme’s current base of SME clients includes companies with annual revenues at between Rs.10 crore and Rs.250 crore including suppliers such as IOCL, Haldia Petrochemicals, GAIL and Sree Cements. With this investment Parag Dhol, Managing Director, Inventus Capital Partners will join the company's board.
The purchase platform of the company is available for free of charge to their customers. They focus on working with large, established and trusted suppliers so that their customers are assured of the quality of the product that they buy from them.