Kalaari Capital,formerly IndoUS Venture Partners, has invested an undisclosed amount in Power2sme, to fund the company’s rapid expansion plans in the Indian market. Kalaari Capital has joined hands with the company’s existing investor Inventus Capital Partners in extending the Series A fund raising.
The new funds will be used for scaling up presence across newer geographies including Mumbai, Pune, Ahmedabad, Chandigarh. The company also intends to hire talent and also to increase the company’s brand visibility, the company said.
Vani Kola MD of Kalaari Capital will join the board of the company following this investment. “Power2sme is one of India's fastest growing businesses in the B2B space. The high satisfaction level of SMEs as well as suppliers is testimony to the excellent service that the company provides SMEs and also the value seen by the suppliers. We see immense potential in their business model and are highly confident of the capability of the team to execute it well,” Vani Kola, MD, Kalaari Capital said.
The company started its operation in January 2012, provides a platform to obtain the best pricing for SMEs procurement needs, door-step delivery and online tracking of orders. Presently, Power2sme focus on industries such as construction, manufacturing, precision engineering, automotive OEM. With this funding the company plans to expand its services to various other sectors.
Kalaari is a $160 million venture capital fund investing in early-stage, technology-oriented companies in the country.
R Narayan, Founder & CEO, Power2sme said, “We plan to use these funds to further scale our operations, focus on newer products and increase our reach in the Indian market. We are strong believers in the potential of India’s SME market, and the funding will be used to build a strong foundation to cater to SMEs across multiple sectors and geographies.”