Gurgaon based power2sme, the buying club for small and medium enterprises, announced today that it has received Rs 10 crore funding from Inventus Capital Partners. The company power2sme was started with a seed capital of INR 2 crore and the recent funding from Inventus Capital Partners will act as a booster for rapid expansion in the Indian market, the company said in a statement.
Power2sme helps small and medium entreprises 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.
R Narayan, Founder & CEO, power2sme said
The new funds will be used to expand the business and enhance the product offering. We have an aggressive outlook on growth, where we expect to end our first year with annual sales of INR 50 crore, growing to INR 1,000 crores over the next 3 years.
The Gurgaon based company provides a platform for SME’s to obtain better deals on procurement. It also door-step delivery to SMEs, online tracking of orders and flexible payment options. Parag Dhol of Inventus Capital will join the power2sme’s board.