Gurgaon based Power2Sme, the buying club for small and medium enterprises has raised $6 mn from Accel partners, according to a new report.
The company declined to comment on the amount of funding. However, a spokesperson said that the funding happened last week. Accel Partners has not commented on the deal so far.
We are in touch with the company and will update the post
Power2Sme raised $2 mn from Inventus Capital & Kalaari Capital less than a year ago. The deal values the firm at about Rs 200 cr, according to the report in Econoimc Times.
The startup helps small and medium enterprises to cut purchase costs with the help of experienced professionals. The company aggregates the demand of hundreds of SMEs that enables the company to obtain the best possible pricing for their procurement needs.
In an earlier interview with NextBigWhat, R Narayan, the founder of Power2Sme said
We are hoping to become a billion dollar company in 5 years. The fourth year should take me to about Rs 3000 crore.
In June 2012, the startup did business worth Rs 15 lakh. In December it crossed Rs 5 crore and in FY14, the company is looking at a business of Rs 240 cr.