Nandan Nilekani steps-in as a strategic investor into Power2SME
Updated: Jan 25, 2016 03:34:18pm
New Delhi, Jan 25 (KNN) Nandan Nilekani, the former chairman of UIDAI, who has stepped in as a strategic investor in Power2SME, said Indian SMEs act as an engine for growth of our nation and they are critical to making India a manufacturing hub.
Nilekani’s investment in Power2SME will prove to be a big boost for the Power2SME business as it will empower SMEs across their sourcing needs as well as financial requirements, the company said in a statement.
Power2SME over the last 3 years has worked with close to 30,000 SMEs and has used technology to translate their need for competitive raw material pricing as well as financial assistance through the large number of Financial Institutions Power2SME partners.
Commenting on the investment Nilekani laid emphasis on the role of the Indian SME in building the growth of India, and said “Power2SME has a unique business model that focuses on making SMEs bankable and profitable and am excited to watch the growth journey of this company as it continues to contribute in strengthening the SME social fabric of the nation.”
R Narayan, Founder & CEO, Power2SME said, “To have Nilekani as our strategic investor and receive his support for Power2SME’s vision to make Indian SMEs bankable is exciting for us. It is critical to foster the sector to meet the national imperatives of financial inclusion and to generate employment in India. Power2SME is working towards creating an ecosystem that addresses SMEs’ challenges in raw material procurement and financial assistance, which are major roadblocks for growth of SMEs.
“We have a very aggressive plan for developing our business and boosting revenues in the future, Narayan added.”
Accel Partners, Kalaari Capital and Inventus Capital will continue to extend support in the funding round, the company said.
As per an internal survey conducted by Power2SME, 70% of monthly recurring cost for a manufacturing SME is incurred in purchasing raw material. Operating in an unstructured market, SMEs find it difficult to access right quality raw material at right price. Lack of access to easy finance and credit adds to the criticality of the situation. Power2SME with its unique business model and technology platforms helps SMEs streamline their raw material procurement process by shortening the procurement process, saving on costs and time for SMEs. (KNN Bureau)
Nilekani’s investment in Power2SME will prove to be a big boost for the Power2SME business as it will empower SMEs across their sourcing needs as well as financial requirements, the company said in a statement.
Power2SME over the last 3 years has worked with close to 30,000 SMEs and has used technology to translate their need for competitive raw material pricing as well as financial assistance through the large number of Financial Institutions Power2SME partners.
Commenting on the investment Nilekani laid emphasis on the role of the Indian SME in building the growth of India, and said “Power2SME has a unique business model that focuses on making SMEs bankable and profitable and am excited to watch the growth journey of this company as it continues to contribute in strengthening the SME social fabric of the nation.”
R Narayan, Founder & CEO, Power2SME said, “To have Nilekani as our strategic investor and receive his support for Power2SME’s vision to make Indian SMEs bankable is exciting for us. It is critical to foster the sector to meet the national imperatives of financial inclusion and to generate employment in India. Power2SME is working towards creating an ecosystem that addresses SMEs’ challenges in raw material procurement and financial assistance, which are major roadblocks for growth of SMEs.
“We have a very aggressive plan for developing our business and boosting revenues in the future, Narayan added.”
Accel Partners, Kalaari Capital and Inventus Capital will continue to extend support in the funding round, the company said.
As per an internal survey conducted by Power2SME, 70% of monthly recurring cost for a manufacturing SME is incurred in purchasing raw material. Operating in an unstructured market, SMEs find it difficult to access right quality raw material at right price. Lack of access to easy finance and credit adds to the criticality of the situation. Power2SME with its unique business model and technology platforms helps SMEs streamline their raw material procurement process by shortening the procurement process, saving on costs and time for SMEs. (KNN Bureau)
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