New Delhi: Striving to empower the SME’s into the Indian growth story, the first ‘Buying Club’ for SMEs in India Power2SME has enabled the small and medium enterprises to obtain the most optimal pricing for their procurement needs.
With its innovative business model, Power2SME focuses on small and medium business enterprise segment and its mission is to ‘Empower SMEs to enable the Indian growth story’.
As the buying club for SMEs, the company focuses on reducing their purchase prices and aims at increasing productivity.
“The company pools the demand of multiple SMEs for raw materials for their business needs, thus allowing it to not only obtain the most optimal pricing, but also have an access to a larger pool of quality suppliers. It buys directly from the manufacturer and sells to the SME, cutting out the middle link of distributors and wholesalers,” said Founder and CEO Power2SME, R Narayan in an interview with ANI.
With a bold and ambitious vision, R. Narayan has been working as an entrepreneur for the last 16 years with a strong corporate background. The industry veteran started his career working in sales and marketing profile across Microsoft, Oracle and Tata.
Further elaborating on the model, Narayan said, “It also provides an online platform that enables the SMEs to reduce costs and build efficiencies in their business processes, thus allowing them to compete on an equal footing with large enterprises.”
The online platform allows the SME customers to track all their purchases as well as undertake transactional activity such as placing new enquiries, checking price quotes, uploading purchase orders, checking status of delivery, account statement, notification of payment due etc.
Catering to over 40,000 registered SME users on its platform Power2SME has raised foreign direct investment (FDI) from Inventus Capital, Kalaari Capital and Accel Partners in three rounds of funding.
“It also raised Rs. 42 crore in its third round of funding from its existing investors. A total of USD 15 million dollars have been raised in the three rounds funding,” said Narayan.
Headquartered in Gurgaon, the company was recognized as ‘Top 100 Innovative company 2014’ by Inc India and was awarded with ‘Best strategy in-line with Business’ award under Global HR Excellence category in Jan 2015.
Also, it was selected amongst the Red Herring’s Top 100 Global list for the year 2013, where R Narayan was awarded the award for ‘Serial Entrepreneur of the Year’.
The team comprises of experienced and specialized professionals that negotiate the prices directly with manufacturers and can obtain prices that are significantly lower than the standard market prices.
Some of the clients of Power2SME has SME clients with turnover ranging from Rs. one crore to Rs. 250 crore.
Available to the clients at all hours without any charges, Power2SME works with some established suppliers of the industry such as Indian Oil, Arcelor Mittal, SAIL, GAIL, Rathi Steel, Jindal Steel, Haldia Petrochemicals, Dupont, Dulux amongst several others. (ANI)