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Leading buying club for SMEs eyes Rs 100 cr funding for its expansion
Power2SME plans to raise up to Rs 100 crore in the next two quarters to fund its expansion plans. It is a leading buying club for SMEs in the country.

The Gurgaon-based firm buys raw materials directly from manufacturers to sell to the small businesses. SMEs get raw materials at low prices as it cuts out the middle link of distributors and wholesalers. It counts Accel Partners, Kalaari Capital and Inventus Capital among its investors.

As quoted by Business Standard, Power2SME CEO, R Narayan said, "We are currently present in eight states and in the next two years, we want to expand to 12-16 states. In series A and B, we have raised about Rs 50 crore in total. In the next two quarters, we are looking at raising between Rs 80-100 crore to fund our growth plans".

There could be a new lead investor for the new round of funding. The two-year old firm is looking at closing the year with more than Rs 150 crore in revenues this year.

"Last year, we had revenues of 65 crore and we already have 18,000 SMEs on board. Power2SME has become an important destination for SMEs for their business needs," he added.

Apart from this, to strengthen its operating platform, Power2SME is also making significant investment in technology.

Narayan further stated that the power of the SME sector is largely untapped and it has a huge growth potential. SMEs account for 39%of the USD 129 billion Indian steel, polymer and metal industry, the area where Power2SME operates, the potential is tremendous.

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