NEW DELHI: Power2SME has raised Rs 42 crore in third round of funding from existing investors like Accel Partners, Kalaari Capital and Inventus Capital as reported by ET.
R. Narayan, Founder & CEO, Power2SME, states, “We will be investing on the technology. We are currently operational in eight states and we will increase our foot print in another five states. So these are the two reasons for which we raised have funds.”
When asked about the equity stake that the existing investors hold in Power2SME, Narayan denied disclosing the percentage of share.
As per the ET reports, the Gurgaon based business-to-business e-commerce company aggregates raw material and product demands from hundreds of small and medium businesses and places bulk orders with suppliers and manufacturers, thereby ensuring competitive prices.
As per Narayanan, these funds will definitely push the revenue of the company and said that they are expected to touch Rs 150 crore revenue in the upcoming fiscal year.
“In the next twelve months, we are going to raise more funds from other investors apart from existing investors,” Narayanan added further.