The ‘Buying Club’ for small and medium enterprises (SMEs), Power2SME, on Monday announced that it has raised an undisclosed amount of capital from Accel Partners, a leading Silicon Valley venture capital firm. The funding from Accel Partners will help Pow
The ‘Buying Club’ for small and medium enterprises (SMEs), Power2SME, on Monday announced that it has raised an undisclosed amount of capital from Accel Partners, a leading Silicon Valley venture capital firm. The funding from Accel Partners will help Power2SME to strengthen its presence in India by expanding its footprint across new cities and locations across the country and focusing on newer industries for the SME sector.
Speaking on the occasion, R. Narayan, Founder & CEO, Power2sme said, “We are thankful to Accel Partners for their confidence in the success of our business model. This funding will facilitate us to empower more SMEs and enable them to gain a competitive edge in the marketplace. It will also enable us to expand our supplier base to a global pool of suppliers. The SMEs in India are facing numerous challenges in terms of price, variety and quality of the raw materials and we, backed by the funding from Accel Partners, hope to be their strategic partners to help them script their growth story."
"We believe that the power of the SME sector is largely untapped and holds great potential from various perspectives. What Narayan is building to achieve through Power2SME, leveraging his considerable expertise in working with SMEs, could be a game changer. It will improve the efficiency of the SME's supply chain and provide a significant lever for their growth and profitability," said Mahendran Balachandran, Partner, Accel Partners.
The company is witnessing exponential growth rate Quarter-on-Quarter. The company is exploring expansion into new sectors and product categories over the next few months while keeping a strong focus on construction, manufacturing, plastics and automotive sectors.