Power2sme, the buying club for small and medium enterprises (SMEs), has raised an undisclosed amount of funding from Kalaari Capital (formerly IndoUS Venture Partners). The funds raised will be used for scaling presence across newer cities including Mumbai, Pune, Ahmedabad, Chandigarh, hiring talent and increasing the company’s brand visibility.
Power2SME is a buying club for Indian SMEs that leverages on bulk buying and claims to offer a platform that enables them to cut costs. After different SMEs place orders with the site, Power2SME collectively places orders to get the best price for the products from suppliers.
As of now, the company focuses 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. SME’s can either select the product that they wish to buy and send an RFQ online or call Power2SME for details. Once the price is finalized, the company sends a PO (Purchase Order) with the details of the product, price and all taxes applicable. The USP of the product lies in the fact that it enables SMEs to place orders with Power2SME.
Launched in January 2012, Power2SME is based in Gurgaon and works with suppliers such as IOCL, Haldia Petrochemicals, GAIL among others.