NEW DELHI: Power2SME, an online buying club for SMEs in India, has raised USD 6 million from Accel Partners, Kalaari Capitaland Inventus Capital in the second round of funding.
The Series B funding round which was led byAccel Partners with participation from Kalaari Capital and Inventus Capital will facilitate the expansion plan of the company in India, a company release said.
Series B funding is the second round of funding by PE investors or venture capitalists and it usually takes place when the company achieves certain milestones in developing its business.
"The funding will help Power2SME to scale up their current business by extending their footprint to South India, increase their product portfolio, expand their sourcing channels to include direct imports for their SME customers and make additional investment in technology and marketing," it said.
"We believe that the power of the SME sector is largely untapped and holds great potential. Power2SME aims to help the SMEs to improve their efficiency and provide a significant lever for growth and profitability," Power2SME Founder and CEO R Narayan said.
The company has a quarterly revenues run rate of more than USD 2 million and 13,000 registered SMEs users in less than 3 quarters of operations, Narayan added.
In October 2012, the company reportedly raised a Series A funding worth Rs 10 crore from Inventus Capital Partners and Kalaari Capital.