The first ‘Buying Club’ for SMEs, Power2sSME, today announced that it has raised $6 million in Series B funding from their existing investors. The funding round was led by Accel Partners with participation from Kalaari Capital and Inventus Capital.
The first ‘Buying Club’ for SMEs, Power2sSME, today announced that it has raised $6 million in Series B funding from their existing investors. The funding round was led by Accel Partners with participation from Kalaari Capital and Inventus Capital.
The funding will help Power2SME to scale up their current business by extending its footprint to South India, increase their product portfolio, expand their sourcing channels to include direct imports for their SME customers and make additional investment in technology & marketing.
R. Narayan, Founder & CEO, Power2SME said, “Power2SME’s aim to help unlock the potential of SMEs, whose progress is so critical to the India growth story. With quarterly revenues run rate of more than $2 million and 13,000 registered SMEs users in less than 3 quarters of operations, Power2SME is well on its way to becoming a one stop destination for SMEs for all their business needs.”
“Power2SME enables the SMEs to source the products at a competitive price ensuring significant savings. Buying Club for SMEs’ raw material is a unique concept and we have not found another similar business model so far. There are several similar concepts globally but they focus on services, not physical goods. The business model of Power2SME sustains the ability to grow and expand with the ability to cater SMEs across multiple sectors,” said Mahendran Balachandran of Accel Partners.
“The high satisfaction level of Power2SME’s customers is testimony to the excellent service that the company provides. We saw immense potential in their business model and lead by Narayan the leadership team is stellar to deliver a highly scalable company” said Vani Kola, MD, Kalaari Capital.
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