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Power2SME secures Series E funding of $36M from IFC and existing investors

Power2SME, an online marketplace for small and medium enterprises engaged in manufacturing, has secured Series E funding of $36 million from existing investors Inventus Capital Partners, Accel, Kalaari Capital and Nandan Nilekani, with participation from its latest investor International Finance Corporation (IFC), the investing arm of the World Bank Group. This funding comes two weeks after the startup raised $10 million as an equity investment from IFC. The company will use the fresh capital for geographical expansion, accelerating product growth and innovation, and further invest in additional sales and marketing resources, and continue evaluating strategic acquisition opportunities. Currently, the e-commerce player has operations in 14 states, and claims to have a registered SME base of 50,000 SMEs. Power2SME claims that it is registering year-on-year growth of 2.6 times. It also said that the startup achieved profitability in November 2016. Power2SME enables SMEs to companies buy raw materials such as steel, polymer, chemicals, yarn etc at bulk prices and get working capital without collateral.  The company has three platforms addressing challenges in raw material procurement, finance, and maintenance, repair and operations (MRO) needs. Besides Power2SME, it has FinanSME which connects lenders with SMEs in order to provide working capital finance at better terms from banks and non-banking financial institutions for purchases on Power2SME, and SMEShops allows SMEs to buy consumable industrial goods. According Power2SME's data, Micro, small and medium enterprises (MSMEs) accounts for 45 percent of the country’s industrial output and 40 percent of its exports. It also say that there is critical shortage of…

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