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Power2SME secures $10mn equity investment from IFC

Power2SME, an online marketplace for small and medium enterprises engaged in manufacturing, has secured $10 million as an equity investment from International Finance Corporation (IFC), the investing arm of the World Bank Group. IFC will advise Power2SME on how to expand its business in India, adding more banks as partners, and increase the number of users on its platforms. Currently, the e-commerce player has operations in 14 states, and claims to have a registered SME base of 50,000 SMEs. 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. Power2SME’s previous funding The company is backed by venture capital firms such as Kalaari Capital, Accel Partners, and Inventus Capital. Nandan Nilekani had also joined as a strategic advisor through his investment in late 2015.  In September 2014 , the company had 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 2013, and before that, it secured an undisclosed amount of Series A investment from Kalaari Capital in December 2012…

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