Gurgaon based online buying club for SMEs, Power2sme.com has raised funding from Kalaari Capital (formerly Indo-US Venture Partners). The investment firm has joined hands with Power2sme’s existing investor Inventus Capital Partners in extending the Series A fundraising. In October this year, Inventus invested Rs 10 crore in the company for its rapid expansion in the Indian market.
The new funds, however, will be used not just for scaling company’s presence in Mumbai, Pune, Ahmedabad, Chandigarh but also for hiring talent. Increasing company’s brand visibility will be another target area.
Speaking about the second funding event, R Narayan, Founder and 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. The funding will be used to build a strong foundation to cater to SMEs across multiple sectors and geographies.”
Vani Kola, Managing Director, Kalaari Capital, who will join the board of the company, said he sees high potential in Power2sme’s business model.
“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,” she said.
Launched in January 2012, Power2sme mission is to increase profits for the Indian SMEs. As The company claims that it has SME clients with turnover ranging from Rs 10 crores to Rs 250 crores and it works with suppliers like IOCL, Haldia Petrochemicals, GAIL amongst several others.
Kalaari is a $160 million venture capital fund with a strong advisory team in Bangalore investing in early-stage, technology-oriented companies in India.
