Power2SME, a buying club for small and medium enterprises (SMEs) in India, today announced that it has raised Rs 42 crores in Series C funding from its existing investors, Accel Partners, Kalaari Capital and Inventus Capital.
The funding will help the company to further expand across the country, enabling it to reach out to more SMEs, enhance its product portfolio, diversify its sourcing channels and increase focus on imports, it said in a press release.
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."
The Gurgaon-headquartered company began operations in early 2012 and now has six offices and over 150 employees. It works closely with SMEs to pool their raw material demands, enabling them to benefit from the power of collective buying. This allows SMEs to obtain the most optimal pricing for their procurement needs from a large pool of quality, recognised suppliers.
