Infosys co-founder Nandan Nilekani has invested an undisclosed amount in Power2SME. It will help the company broaden its product portfolio, strengthen vendor relationships and technology platform and mobile app. Existing investors Accel Partners, Kalaari Capital and Inventus Capital participated in the round.
There was speculation that the company had raised $6 mn in April. However, at the time, Accel Partners had only made a strategic investment in Power2Sme.
The company declined to comment on the amount of funding. However, a spokesperson said that the funding happened last week. Accel Partners has not commented on the deal so far.
The Venture Capitalists who invested in me did a detailed analysis of the market. They couldn’t find a competitor in India. A similar business model exists only in Russia. In June, we did business worth Rs 15 lakh. In December we did Rs 5 crore. In FY14, we are looking at a business of Rs 240 crore.
Power2sme helps small and medium entreprises to cut purchase costs with the help of experienced professionals. The company aggregates the demand of hundreds of SMEs that enables the company to obtain the best possible pricing for their procurement needs.
Accel portfolio includes BookMyShow, BlackBuck, BlueStone, CommonFloor (Quikr), Flipkart, FreshDesk, Mitra Biotech etc.
Running up to its 109th Foundation Day, this a first of its kind initiative for a public sector bank to partner with companies operating across diverse areas of SME financing, algorithmic lending, bill discounting, retail lending and wealth management, on a single day. Startups include Fisdom, KredX, FundsTiger, Power2SME, Probe42, IndiaLends and CreditMantri.
Accel is launching Accel India IV, a $305 million fund that like prior funds will invest in very early stage companies. The fund will also continue to (selectively) pursue growth…
Seems like the Indian entrepreneur community is as pumped as the government to make India a better place to do business
We put together a quick list of some of the sharpest serial entrepreneurs of our times. Take a look!
Here goes THE NEXTBIGWHAT list of NEXTBIGWHAT in Indian Startups space. You can’t ignore them.
Indian startups have come of age. Like every year, we bring together India’s most amazing startups that were spotted. This year was a big year for startups with lots of great moves. Take a look some of the greatest startups of India from 2012.
Indiamart.com, the marketplace for small and medium sized business which introduced a feature through which businesses could buy sales leads from the site on a pay per “seen lead” basis…