wordpress blog stats
Connect with us

Hi, what are you looking for?

Power2SME raises funding from Nandan Nilekani and existing investors

power2sme

Power2SME, an online buying club for small and medium enterprises, has raised a fresh round of funding led by Infosys co-founder Nandan Nilekani. The round of funding also saw participation from existing investors Accel Partners, Kalaari Capital and Inventus Capital. An Economic Times report pegged the size of the investment at $20 million.

Power2SME will use the funds to broaden its product portfolio, strengthen vendor relationships and engage with SMEs through out India. The company will also strengthen its technology platform and mobile app offering.

Power2SME works by buying raw materials directly from the manufacturers in bulk and selling it to the SMEs, thereby eliminating the need for wholesalers and distributors. The company aggregates the orders received from various SMEs and collectively places them to get an optimal price from suppliers. It offers raw materials across various categories like chemical additives, commodity polymers, engineering polymers, inks, steel and paints to its clients.

The company has 30,000 SMEs on the platform and is currently focused on SME hubs of Gujarat, Maharashtra, West Bengal, Tamil Nadu and Delhi-NCR. It sources raw material from large vendors such as SAIL, Tata Steel, Essar Steel, GAIL, JSW , Haldia Petrochemicals, DuPont, Posco Steel and Apollo Pipes.

Previous funding

Advertisement. Scroll to continue reading.

In September 2014 , the company raised Rs 42 crore in Series C funding from Inventus Capital, Kalaari Capital and Accel Partners. Prior to this, Power2SME had raised $6 million from Accel Partners in April last year. It had also secured undisclosed amount of Series A investment from Kalaari Capital in December 2012 and Rs 10 crore investment from Inventus Capital Partners in September 2012.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ