New Delhi, Dec 27 (KNN) In line with the Government of India’s endeavor to bolster the growth and performance of micro, small and medium enterprises (MSMEs) in India, Power2SME- first buying club for SME’s in India, announced its foray into the state of Karnataka.

With an aim to offer an enabling operational environment to MSMEs, Power2SME, through its holistic business offerings, will ensure seamless functioning of enterprises in the state,  the company said in a statement.

With over 38 lakh MSMEs employing over 70 lakh people, Karnataka’s economic growth is largely fuelled by the significant contribution from the indigenous enterprises operating in the state. 

In lieu of the vast potential that the MSMEs have to offer to the overall prosperity of state, Power2SME aims to give thrust to the operational efficiency of the MSMEs, ensuring higher profitability,  it said.

Commenting on the expansion, Founder and CEO, Power2SME, R Narayan said, “With a 6% share of the total MSMEs, Karnataka has emerged to be a crucial hub for manufacturing enterprises in the country. Our foray into the state is a testament of our unwavering commitment to offer integrated business solutions to MSMEs that are grappling with issue pertaining to raw material procurement and easy access to capital.”

He added, “Through our widespread network, we help MSMEs enhance operational efficiency and save costs by making available raw materials at bulk prices. In addition to this, we will also assist them in getting working capital through our FinanSME platform seamlessly. We will continue to extend our full support to MSMEs, a sector that is critical to the overall growth of the Indian economy, and are committed to enhance their productivity and revenues by offering them an ideal environment to operate in.” 

In line with the company’s plan for MSMEs in the state, Power2SME, in association with the Karnataka Small Scale Industries Association (KASSIA), organized the 1st SME transformation camp in Bangalore.

Expressing the delight to partner with Power2SME, President of KASSIA, Basavaraj S. Javali said, “Karnataka offers tremendous potential for MSMEs to flourish. Through the SME transformation camp initiative, we aim to equip MSMEs with the skill and knowledge required to boost their productivity thus making them bankable. We hope that the initiative will have a favorable impact on the growth & performance of the MSMEs in the region.”

With Bangalore, Power2SME will now have 16 offices operating in operating in 23 states and Union Territories with a team of 350+ employees across India.

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.

The event witnessed participation from esteemed dignitaries like K Devaraj Deputy Director - MSMEDI, Bengaluru, Basavaraj  S. Javali , President, KASSIA, Dr. H.P. Kumar, Director – External Affairs, Power2SME and R Vasanth – Cluster Head, Power2SME, who also addressed over 70 MSMEs present at the event.