After raising ₹64 crore ($10 million) funding earlier this month, Power2SME has announced that it has now raised around ₹231 crore ($36 million) in its Series E funding round.
The funding in the company’s current round comes from its existing investors Inventus Capital Partners, Accel Partners, Kalaari Capital and Nandan Nilekani, along with participation from International Finance Corporation (IFC).
The company will use the newly infused capital to continue its geographical expansion, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic acquisition opportunities.
R Narayan, Founder and CEO, Power2SME, said,
Power2SME’s goal is to empower SMEs to reach efficiencies of scale thus driving profitability for them. Our work has been driven by our vision to make SMEs bankable. Our deep networks and relationships with the banking sector and financial institutions helps us to make our SMEs succeed like never before. This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision.
Parag Dhol, MD, Inventus Capital Partners, said,
As demonstrated by their remarkable growth and widespread adoption, Power2SME clearly leads the market in the development and delivery of an Impactful B2B digital ecosystem. Our investment will help Power2SME capitalize on the growing demand for their solutions, and accelerate the company’s pace of product innovation.
Founded in 2012, platform aggregates raw material and product demands from hundreds of small and medium businesses and places bulk orders with suppliers and manufacturers. It currently operates in SME hubs of Gujarat, Maharashtra, West Bengal, Tamil Nadu and Delhi-NCR.