FinanSME connects lenders to SMEs
New Delhi’s Power2SME has secured an additional US$36 million in capital for its Series E Financing round, in order to continue its growth and dominance as a B2B Digital Ecosystem platform for Small and Medium Enterprises (SMEs).
The latest round, representing the largest deal size for Power2SME, is a co-investment by its existing investors Inventus Capital Partners, Accel, Kalaari Capital and Nandan Nilekani with participation from International Finance Corporaation (IFC), a member of the World Bank Group.
Power2SME, founded in January 2012, pioneered the category of the B2B Buying Club for SMEs and boasts of a strong digital ecosystem platform for SMEs.
Its increased portfolio offering addresses challenges in raw material procurement, finance and MRO needs. Its B2B raw materials buying club (Power2SME.com) aggregates demand from SMEs for raw materials and procures and sells these at competitive prices.
Second, its platform (FinanSME.com) connects empaneled lenders with SMEs to provide working capital finance at better terms from financial institutions for purchases on Power2SME.
Third is a one stop shop addressing SME MRO needs (SMEShops.com) to meet the growing and frequent requirements of SME buyers for consumable industrial goods.
Power2SME will use the additional financing to continue geo expansion, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic acquisition opportunities.
Power2SME operates out of seven offices and 14 states in India with 50,000 SMEs. fii-news.com
