VC firm Accel Partners has invested around $6 million (Rs.32 crore) in Power2sme, a Gurgaon-based online buying platform for SMEs. The deal, which comes nine months after the company raised initial funding of $2 million from Inventus Capital and Kalaari Capital, values Power2sme at about Rs.200 crore.
Power2sme, founded by R Narayan, aggregates demand from small businesses and places a large order with the supplier, which helps derive better pricing. Around 10,000 SMEs have registered with the firm. From revenues of Rs.20 crore in the previous fiscal, it is targeting Rs.120 crore this fiscal. Narayan had earlier co-founded IT services firm Denave.
Source: Economic Times
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