Power2sme, a Gurgaon based buying club for small and medium enterprises (SMEs), has raised an amount of $6 Mn from Accel Partners in a VC funding. Launched in January 2012, the company has also received initial funding of $2 million from Inventus Capital and Kalaari Capital 9 months ago.
A brand owned by BEBB India Private Limited, Power2sme provides an online platform that enables the SMEs to cut costs and build efficiencies in their business processes, thus allowing them to compete on an equal footing with large enterprises. It provides a platform for SME’s to obtain better deals on procurement. It also provides door-step delivery to SMEs, online tracking of orders and flexible payment options.The major suppliers of the company include IOCL, Haldia Petrochemicals and GAIL.
The founder & Chief Executive Officer, R.Narayan,is responsible for setting the overall direction for the business and focuses on the scalability and growth of the business.
How it works?
SME’s can either select the product that they wish to buy and send an RFQ online or call Power2SME for details. Once the price is finalized, the company sends a PO (Purchase Order) with the details of the product, price and all taxes applicable. The USP of the product lies in the fact that it enables SMEs to place orders with Power2sme.
Accel Partners is a global venture capital firm with offices located in Silicon Valley, New York, London, China, and India. They typically make multi-stage investments in internet technology companies. With over $6 billion under management, Accel has helped entrepreneurs build over 300 successful category-defining companies.