Power2SME raised $ 10 million from the World Bank’s private equity arm

Online B2B Online Market Power2SME Gurgaon has grown to $ 10 million from the International Finance Corporation (IFC), a member of the World Bank. The company started its business at this age has grown about $ 35 million in four years in the previous round, Accel Partners, Inventus Capital, and Nandan Nilekani, who is also strategic advisor to their . Power2SME helps small and medium-sized businesses purchase bulk equipment and receive unsecured working capital. As of 2012, the loan platform reached its breakeven point in November 2016 and is currently profitable. He recorded more than 1,000 rupees in revenue last year. R. Narayan, founder and CEO of Power2SME. A press release indicates that IFC will also advise Power2SME to help expand its operations beyond the current 14 states, improving the ability to provide working capital to businesses. Small businesses by adding multiple banks as partners and increasing the number of users on their platforms ten times in five years. As the largest global financial institution focused on private sector development in emerging markets, IFC focuses on business-to-business e-commerce. It has also invested close to $ 1 billion in financial intermediation in India to provide SME credit financing. More than 40% of the global economy is provided by SMEs. In India, about 17% of GDP is provided by the SME sector; SME production accounts for 7.5% of GDP. With the current government focused on manufacturing and meeting the needs of the industry through campaigns such as India and Indian Skills, the industry envisions a brighter future. At the same time read: IFCare has extensive experience in supporting the industry. SMEs through finance and a deep network with banks and financial institutions will help us? R Narayan, founder and CEO of Power2SME. SME India is very important to make India a manufacturing center and we need to promote this area if we meet the global growth country. We look forward to continuing to strengthen the SME ecosystem by addressing the key challenges that constitute barriers to SME growth. he added in a statement to the press. India has the largest base of small and medium-sized enterprises in the world after China. However, Indian SMEs account for only 8-10% of GDP, compared with 60% in China. Our investment in Power2SME will support increased venture capital interest in the Canadian SME sector and help India become a global manufacturing hub. By working with SME-focused companies and partner financial institutions, we hope to improve access to financing for more than one million SMEs over the next five years. Said Ruchira Shukla, Venture Capital and Private Equity, IFC South Asia. . .

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