Power2SME to address capital and raw material woes of MSMEs in Karnataka
To enable a better operational environment for MSMEs, Power2SME plans to bring its business offerings to Karnataka and ensure seamless functioning of enterprises in the state, a company statement read.
It added that this move is in line with the Government of India’s endeavour to boost growth and performance of MSMEs in the country. Power2SME said it aims to give thrust to the operational efficiency of MSMEs and ensure higher profitability.
In the statement, R Narayan, Founder and CEO, Power2SME, said, “With a six percent share of the total MSMEs, Karnataka has emerged to be a crucial hub for manufacturing enterprises in the country. Our foray into the state is a testament of our unwavering commitment to offer integrated business solutions to MSMEs that are grappling with issues pertaining to raw material procurement and easy access to capital.”
The first ‘Buying Club’ for SMEs in India, Power2SME, financially backed by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) and Accel Partners, began operations in 2012. Power2SME focuses on reducing purchase prices for SMEs and enhancing productivity.
Narayan added, “Through our widespread network, we help MSMEs enhance operational efficiency and save costs by making available raw materials at bulk prices. In addition, we will also assist them in getting working capital through our FinanSME platform seamlessly. We will continue to extend our full support to MSMEs, a sector that is critical to the overall growth of the Indian economy, and are committed to enhance their productivity and revenues by offering them an ideal environment to operate in.”
Power2SME, in association with the Karnataka Small Scale Industries Association (KASSIA), had organised the first SME transformation camp in Bengaluru. It plans to have 16 offices operating in 23 states and Union Territories, with a team of more than 350 employees across India.