- Expanding its geographical footprint, Power2SME to extend its integrated offerings to boost the state’s MSME sector
Raipur, March 16, 2019: Power2SME, the first buying club for SMEs in India, announced its foray into the state of Chhattisgarh. Through its offerings, the company will work towards providing finance and easing raw material procurement for MSMEs in the region.
Founded in 2012, Power2SME enables small and medium enterprises to purchase raw materials such as metal, polymer, chemicals, paints, solar and yarn at bulk prices through demand aggregation methodology. In addition to this, it also caters to maintenance and repair needs of MSMEs, and aids enterprises in getting timely access to working capital, through its platform, FinanSME. Thus, Power2SME plays a crucial role in providing a one-stop platform to SMEs for their critical requirements.
SME Transformation camp
With an aim to provide MSMEs with a competitive edge and help improve their business, Power2SME organised an SME Transformation camp in collaboration with Urla Industries Association (UIA). The SME Transformation camp, Power2SME’s flagship event, identified problems, discussed solutions and addressed operational concerns and roadblocks faced by MSMEs.
R Narayan, Founder & CEO, Power2SME
Talking about the expansion, Mr R Narayan, Founder & CEO, Power2SME said, “With over 8.4 lakh MSMEs, Chhattisgarh is fast emerging as an important centre for manufacturing enterprises in the country. Our expansion into the state is thus a gradual expansion of geographies we believe we can best deliver our solutions. Through our widespread network, we will help MSMEs enhance operational efficiency and save costs by making raw materials available at bulk prices and in addition to this, we will also be able to assist them in getting working capital through our FinanSME platform seamlessly. We are committed to augment the sector’s productivity and revenues by offering them an ideal environment to operate in.”
With participation from over 80 SMEs, the event witnessed presence of Shri Alok Trivedi, Chief General Manager, Chhattisgarh State Industrial Development Corporation Ltd., Shri Rajeev S., Director Incharge, MSME – Development Institute, Ministry of MSME, Shri Sudipta Aich, Branch Head, SIDBI and Shri Ashwin Garg, President, Urla Industries Association (UIA), who also addressed the session.
Addressing the gathering, Mr. Ashwin Garg emphasised on the significance of exploring the untapped potential of its Micro, Small and Medium (MSME) enterprises. “For the state to prosper, it is important for us to extend the required support to the sector. I am confident that MSMEs in the region will benefit hugely with programs like the SME Transformation Camps organised. We hope that the participants would implement the knowledge they have gained from this key camp to boost their business further,” he added.
Since its inception, Power2SME has been committed to enhancing productivity and revenues of the MSME sector, which is critical for overall growth of the Indian economy. In the past few months, the company has expanded its operations foraying into states like Uttar Pradesh, Karnataka, Telangana, Chhattisgarh, Orissa, Andhra Pradesh, Madhya Pradesh, to name a few.
The first ‘Buying Club’ for SMEs in India, Power2SME, financially backed by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) and Accel Partners, began operations in 2012. Committed to empowering SMEs by increasing their profits, Power2SME focuses on reducing purchase prices for SMEs and enhancing productivity. Power2SME enables SME clients to focus on their core business of driving growth and expansion, while taking on the role of sourcing input raw materials at the most competitive price points across multiple products in categories such as Metal, Commodity Polymer, Engineering Polymer, Chemicals, Paints, Solar, Yarn etc. The company, today, has 16 offices spread across Mumbai, Chennai, Kolkata, Ahemdabad, Gurgaon, Bangalore, Pune, amongst other, operating in 23 states and Union Territories with a team of 300+ employees across India. Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL, and many more.
Company website: http://www.power2sme.com/