Power2SME, the e-commerce platform that helps small and medium companies buy raw materials at bulk prices, has received $10 million funding from International Finance Corporation (IFC), the private investment arm of the World Bank. Additionally, IFC will advise Power2SME to help it expand beyond its current 14 states, improve its ability to provide working capital to SMEs by adding more banks as partners, and increase the number of users on its platforms by up to 10 times in five years. The startup is backed by Nandan Nilekani, and venture capital firms such as Kalaari Capital, Accel Partners, and Inventus Capital.
R Narayan, CEO of Power2SME, said that “IFC’s extensive experience in supporting the SME sector through financing and deep networks with banks and financial institutions will help us in our vision to make SMEs bankable. Indian SMEs are critical to making India a manufacturing hub and we must foster the sector if we are to meet the national imperative of inclusive growth. We aim to continue strengthening the SME ecosystem by addressing key challenges that are roadblocks to SME growth. We have aggressive plans to boost our revenues and continue on our path of profitability”.