India-based Power2SME has closed a $36m Series E funding round to help with geographic expansion.
Investors to the round include Inventus Capital Partners, Accel, IFC, Kalaari Capital and Nandan Nilekani.
Power2SME is raw materials e-commerce platform, allowing businesses to purchase materials like steel, polymers, yarns, chemicals, among others. The company also offers SMEs capital financing, at better terms, from banks and non-banking financial institutions, for raw materials bought on the platform.
The company operates from seven offices in India and has a registered SME base of 50,000 companies. Power2SME has had a year-on-year growth of 2.6-times and achieved probability last November.
This financing round will be used to continue geographic expansion, boost product growth and innovation and invest in more sales and marketing resources. The capital will also be used to evaluate strategic acquisitions.
IFC Venture Capital South Asia Regional Lead Ruchira Shukla said, ?Our investment in Power2SME will spur greater VC interest in the SME sector in the country and support India vision to become a global manufacturing hub. By working with SME-focused companies and partner financial institutions, we aim to improve access to finance for over one million SMEs in the next five years. Bridging the financing gap for women-owned enterprises is also a key focus for IFC strategy in India.p>
Following the latest round of investment, the company has raised a total of around $70m, with the company securing a $20m Series D round early last year.
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