Power2sme, a buying club for SMEs (small and medium-sized enterprises), announced on Wednesday that it has received INR 10 crore commitments from Inventus Capital Partners. The company power2sme was started with a seed capital of INR 2 crore and the recent funding from Inventus Capital Partners which aims to be used as a booster for rapid expansion in the Indian market.
As a buying club, power2sme aggregates the demand of SMEs that enables the company to obtain pricing for their procurement needs. The business model aims to empower SMEs by eliminating the need to engage with vendors, provide doorstep delivery of the goods through logistics providers, flexible payment options, placing orders online 24×7 and being a portal for SME for managing purchase requirements across multiple locations.
Commenting on the occasion, R. Narayan, Founder & CEO, power2sme, said, “The new funds will be used to expand the business and enhance the product offering.We have an aggressive outlook on growth, where we expect to end our first year with annual sales of INR 50 crore, growing to INR 1,000 crores over the next 3 years.”
Parag Dhol, Managing Director, Inventus Capital Partners, said, “Backed by a strong leadership team and intimate understanding of the Indian B2B market, power2sme has a huge potential to grow and position itself as an enabler for SMEs.”