Power2sme Raises Funding from Kalaari Capital to Extend Series A Funding!
Kalaari Capital (formerly IndoUS Venture Partners), has invested in Power2sme, the Buying Club for SMEs to fund the company’s rapid expansion plans in the Indian market. Kalaari Capital has joined hands with the company’s existing investor Inventus Capital Partners in extending the Series A fundraising. The new funds will be used for scaling presence across newer geographies including Mumbai, Pune, Ahmedabad, Chandigarh, hiring talent and increasing the company’s brand visibility.
Having started operations in January 2012, Power2sme mission is to Increase Profits for the Indian SMEs. As The Buying Club for Indian SMEs, they focus on reducing their purchase prices and increasing productivity. They provide a platform that enables the SMEs to cut costs and build efficiencies in their business processes, thus allowing them to compete on an equal footing with large enterprises. As a trusted business partner, the company makes life simple and more efficient for SMEs by being a one stop destination for managing purchase requirements for multiple business needs, enabling them to become more competitive in the global marketplace. Power2sme is currently growing its reach among SMEs and suppliers rapidly leading to very strong month on month revenue growth. The company’s current focus is on servicing industries such as construction, manufacturing, precision engineering, automotive OEM and it plans to expand its services to various other sectors over the coming months. Power2sme is focused on working with established and trusted suppliers, so their SME customers are assured of the quality of the product that they buy from them.
Speaking about the second funding event, R. Narayan, Founder & CEO, Power2sme said, “We plan to use these funds to further scale our operations, focus on newer products and increase our reach in the Indian market. We are strong believers in the potential of India’s SME market, and the funding will be used to build a strong foundation to cater to SMEs across multiple sectors and geographies.”
“Power2sme is one of India’s fastest growing businesses in the B2B space. The high satisfaction level of SMEs as well as suppliers is testimony to the excellent service that the company provides SMEs and also the value seen by the suppliers. We see immense potential in their business model and are highly confident of the capability of the team to execute it well,” Vani Kola, MD, Kalaari Capital said. Vani will join the board of the Company following this investment from Kalaari Capital.