Power2SME, the B2B buying club for SMEs in the country, today said it has raised Rs 42 crore from its existing investors.
The Series C funding saw participation from existing investors, namely Accel Partners, Kalaari Capital and Inventus Capital, Power2SME said in a statement.
The funding will help the firm further expand its business across the country, thereby enabling it to strengthen its foothold in the SME market, it added.
It will also enable the firm to reach out to increased number of SMEs, enhance its product portfolio, diversify its sourcing channels and increase focus on imports.
"The decision of all the three investors to re-invest in our business is a testimony of the fact that they have huge confidence in the success and scalability of our business model," Power2SME Founder and CEO R Narayan said.
In earlier rounds of funding, the company has raised about Rs 50 crore in total.
Power2SME, which began its operations in early 2012, buys raw materials directly from manufacturers to sell to the small businesses, cutting out the middle link of distributors and wholesalers and lowering prices for the SMEs.
The firm is looking at closing the year with more than Rs 150 crore in revenues this year from Rs 65 crore last year. It has over 18,000 SMEs on board.
