Company Name : Power2SME
Funding Amount : Undisclosed
Investor(s) Nandan Nilekani
Funding Round : Not Disclosed
Infosys co-founder Nandan Nilekani has invested an undisclosed amount in Gurgaon based Power2SME, which will help the company broaden its product portfolio, strengthen vendor relationships and its technology platform and mobile app offering.
All existing investors Accel Partners, Kalaari Capital and Inventus Capital participated in this funding round.
It aggregates raw material and product demands from SMEs and places bulk orders with suppliers and manufacturers. Power2SME over the last 3 years has worked with close to 30,000 SMEs and has used technology to translate their need for competitive raw material pricing, said the company.
Narayan, Founder & CEO, Power2SME, said,“To have Mr. Nilekani as our strategic investor and receive his support for Power2SME’s vision to make Indian SMEs bankable is exciting for us. It is critical to foster the sector to meet the national imperatives of financial inclusion and to generate employment in India. Power2SME is working towards creating an ecosystem that addresses SMEs’ challenges in raw material procurement and financial assistance, which are major roadblocks for growth of SMEs.We have a very aggressive plan for developing our business and boosting revenues in the future.”