Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Gurgaon based Power2sme, a ‘Buying Club’ for SMEs in India has raised INR 42 Cr. in Series C round of funding led by its existing investors, Accel Partners, Kalaari Capital and Inventus Capital.
R Narayan, founder and CEO of Power2SME, said, “The decision of all the three investors to reinvest in our business is a testimony of the fact that they have huge confidence in the success and scalability of our business model.”
Power2sme is a B2B ecommerce company which 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.
Power2SME is expected to cross INR 200 Cr. turnover mark this fiscal, INR 440 Cr. in 2015-16 and touch INR 1,000 Cr. in 2016-17.
It operates in 5-6 verticals, including chemicals & additives, inks, paints, polymers and steel.
The new round will be used by the company to enhance its market presence.
It had launched its operations in early 2012 and now has six offices and over 150 employees.
In October 2012, it had raised INR 10 Cr. from Inventus Capital Partners and Kalaari Capital in Series A. In 2013, it had raised it INR 35.7 Cr in Series B round of funding from Inventus and Kalaari. With this round, the total funds raised by it had reached INR 87 Cr.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.