B2B e-commerce platform Power2SME raises USD 26 M for Series E
Power2SME
Founder: R. Narayan
Founded in: 2012
Financing status: USD 26 million for Series E round in 2017
B2B e-commerce platform Power2SME has raised an additional USD 26 million for Series E funding round from existing investors including Inventus Capital Partners, Accel Partners, Kalaari Capital, and Infosys co-founder Nandan Nilekani.
The startup raised USD 10 million from the International Finance Corporation, a member of the World Bank Group, two weeks ago.
Power2SME was founded in 2012 by R Narayan, who previously has worked as director of Denave India, a sales enablement company. Prior to that, Narayan worked at other tech companies including Microsoft and Oracle.
Gurugram-based Power2SME is India’s “Buying Club” for small and medium enterprises (SMEs). It builds bridges between SMEs in the manufacturing industry and raw material suppliers of metal, polymer, chemicals, yarn, and more. The startup claims to have more than 50,000 SMEs and over 400 suppliers on its platform. Power2SME has 6 additional offices across India, such as Mumbai, Chennai, and Kolkata.
Commenting on the investment, Parag Dhol, managing director of Inventus Capital Partners, said their investment will help Power2SME capitalize on the growing demand for their solutions and accelerate the company’s pace of product innovation.
The startup will use the additional funding to accelerate expansion, boost product growth, and fuel innovation. It will also use the investment for additional sales and marketing resources, as well as the continued evaluation of strategic acquisition opportunities.