Gurgaon-based venture, Power2SME that aggregates raw material demands of small and medium enterprises (SMEs), has raised around $20 million from Infosys co-founder Nandan Nilekani with participation from 3 VC firms – Accel Partners, Kalaari Capital and Inventus Capital.
Founded in 2012 by former Oracle and Microsoft executive R Narayan, Power2SME sourcing input raw materials for SMEs in varied categories like Chemicals, Inks, Paints, Metals, Polymers and more. This helps SMEs focus on their core business of accelerating growth, both in terms of revenue and development. The company has 6 more offices spread across Mumbai, Chennai, Kolkata, Ahmedabad, Jaipur and Pune.
The firm had previously raised over $15.5 million from the same VC investors in three rounds. It has 30,000 SMEs on the platform and is currently focused on SME hubs of Gujarat, Maharashtra, West Bengal, Tamil Nadu and Delhi-NCR. It sources raw material from vendors like SAIL, Tata Steel, Essar Steel, GAIL, JSW , Haldia Petrochemicals, DuPont, Posco Steel and Apollo Pipes.
Nilekani has previously invested in startups including Mubble, Team Indus, Fortigo and Juggernaut,