Business-to-business e-commerce firm Power2SME today announced that it has secured an additional funding of USD 36 million (nearly Rs 220 crore) from its existing investors as well as fresh capital from the International Finance Corporation.
"This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision," Power2SME founder and CEO R Narayan said in a statement.
This is series E financing round of the company, which saw participation from its existing investors Inventus Capital Partners, Accel, Kalaari Capital, Infosys co-founder and Chairman Nandan Nilekani and World Bank's IFC.
"Our investment in Power2SME will spur greater venture capitalist interest in the SME sector in the country and support India's vision to become a global manufacturing hub," said Ruchira Shukla, South Asia regional lead for Venture Capital.
Power2SME commenced operations in 2012. It deals in raw material procurement, finance and the like.
"MSMEs will play a critical role in making India a manufacturing hub. The opportunity for both the government and private players such as Power2SME is large and focused and continued contribution could well bridge financial inclusion for the sector," Nilekani said.
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