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Power2SME aims to cloak Rs 150 crore transactions in FY15

Tags: power2sme, sme, msme, r narayan, small businesses

June 16, 2014 | COMMENTS ( 0 )

Power2SME aims to cloak Rs 150 crore transactions in FY15

Power2SME, an online platform that empowers the small and medium enterprises to cut costs in procurement, is set to commence its operation in Kolkata as part of expanding its footprint of the eastern region. 

 

"We have opened our office in the city. We will begin our operation soon for SMEs of city and its suburbs," power2sme.com CEO R Narayan said.

 

In phases we will expand our reach to other eastern region states, he said.

 

The SME-focused technology company is already present in Gurgoan, Mumbai, Pune, Ahmedabad and Chennai with over 22,000 active companies sourcing their raw-material requirements.

 

The platform owned by Bebb India aims at over 100 per cent growth in transaction valued at Rs 150 crore in FY 15. 

 

"We buy raw materials directly from manufacturers and sell them to the SMEs. We pool demands of hundreds of SMEs for multiple products for business needs, eliminating the presence distributors and wholesalers resulting in direct cost benefit of two to eight per cent," Narayan said explaining the business model.

 

Narayan said the platform offers a host of other services and linkages like credit from some 12-odd NBFCs for working capital needs. 

 

Narayan, who is also the VP of FICCI-Confederation of MSMEs, a chamber dedicated to SMEs, said they were one of the pillars to support SMEs. 

 

He said that some Rs 100 crore had been raised by two rounds of venture capital funding from Inventus Capital, Kalaari Capital & Accel Partners.

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