Power2SME
 | |
| Private Company | |
| Industry | E-Commerce |
| Founded | 2012 |
| Founder | R Narayan |
| Headquarters | Ground Floor, Plot No. 88, Udyog Vihar Phase IV, Gurgaon, Haryana, India, Gurgaon, India |
Area served | India |
| Website |
www |
Power2SME is an online marketplace that caters to Small and Medium Enterprises (SMEs) in India. They focus on raw material procurement exclusively for enterprises in the sector. Currently their services are available across manufacturing, construction, precision engineering and automotive OEM industries etc. They source raw materials for SMEs across multiple products in categories such as Chemicals, Inks, Paints, Metals, and Polymers etc. BEBB India Pvt. Ltd. owns and operates Power2SME [1]
History
R. Narayan, a qualified Cost Accountant founded Power2SME in 2012. He holds previous experience of working with SMEs and enterprises. During his stint, Narayan observed a large variance in the quotations for products offered to SMEs and enterprises. He had calculated a rough estimate of 20-45% variance in quotations offered to corporates and SMEs for the same product(s). Furthermore, he conducted a research study with the help of students from IIM Lucknow that verified his hypothesis. Following the findings, Narayan established the online portal for SMEs to procure the necessary materials from manufactures directly at reduced costs . Power2SME started their operations in January 2012 from their head office in Delhi NCR region. They further expanded across the country with offices in Ahmedabad, Chennai, Kolkata, Mumbai, and Pune.[2]
Prior to the establishment of Power2SME, Narayan founded and served as the CEO of Denave, a technology powered sales enabling company. The investors of Power2SME include Accel Partners, Kalaari Capital, and Inventus Capital Partners.[3]
Power2SME has a client base consisting of top Indian companies such as Indian Oil, Arcelor Mittal, SAIL, GAIL, Rathi Steel, Jindal Steel, Haldia Petrochemicals, Dupont, Dulux amongst several others.
How it works?
The company claims that they offer raw materials to SMEs at prices below the market rate(s). Sources state that the company curates the resource requirements of several SMEs and identifies suppliers to provide the necessary raw material. In this process, they avoid the supply chain that reduces the cost incurred by middlemen, distributors and wholesalers. Following the procurement, the platform also offers delivery services and flexible payment options. Thus by securing these materials from the manufactures, the company is able to provide the raw materials at competitive prices. The company generates a marginal profit by selling these goods at a slightly higher price; that is below the market rate.[4]
Events
Power2SME in association with TiE Delhi NCR has been conducting ‘Spirit of Manufacturing’ awards since 2014. Two seasons of this award has been completed so far. The award aims at honouring entrepreneurs in the manufacturing industry who re-iterate the importance of the sector and seeks to drive innovation in this space.
Spirit of Manufacturing Awards Season 1
The contest received 170 applications for the four categories it advertised in 2014. The list of winners is as follows : - [5]
| Award Title | Winner |
|---|---|
| Excellence in Innovation and IT Adoption | Mr. Lalit Ahuja, Ahuja Corporation and Mr. Vinay Chadha (GVC Systems) |
| Best Social Impact | Mr. Sahil Dharia (Soothe Healthcare) |
| Woman Entrepreneur of the Year | Ms. Hiresha Verma (Hanzen International) |
| Young Entrepreneur of the Year | Mr. Aditya Singhal and Ms. Garima Narang (IML Jeans) |
Spirit of Manufacturing Awards Season 2
The contest received 200 nominations for the five categories in 2015. The list of winners is as follows:- [6]
| Award Title | Winner |
|---|---|
| Excellence in Innovation and IT Adoption | Mr. Ayush Sinhal ( Crystal Power) |
| Best Social Impact | Ms. Sumita Ghose (Rangsutra) |
| Woman Entrepreneur of the Year | Ms. Pragati Sawhney ( Chockriti) |
| Young Entrepreneur of the Year | Mr. Sourabh Bansal (Magicrete) |
| International Business Leader | Mr. Sandip Patil (E-Spin Nanotech) |
| Special Jury Award | Ms. Mausami Ambastha (Thread Sol) |
Funding
Power2SME has raised a total of USD 15 million as foreign direct investment (FDI) from Inventus Capital Partners, Kalaari Capital and Accel Partners over 3 rounds of funding. Sources state that they received an INR 100 million commitment from Inventus Capital Partners in June 2012. Zanskar Advisors served as the exclusive financial advisor for this deal.[7]
Awards and Recognition
Power2SME has won the following awards and accolades: -
• It was selected amongst the Red Herring’s Top 100 Global list for the year 2013.[8]
• It was also selected amongst the Red Herring’s Top 100 Asia list for the year 2013.[9]
• Mr. R Narayan, Founder and CEO, Power2SME won the ‘Serial Entrepreneur of the Year’ award at the Entrepreneur India Awards 2013.[10]
External links
www.spiritofmanufacturing.com/
References
- ↑ http://www.vccircle.com/news/technology/2014/09/15/power2sme-raises-under-7m-series-c-funding-accel-kalaari-inventus
- ↑ http://myventure.in/power2sme/
- ↑ http://myventure.in/power2sme/
- ↑ http://thenextweb.com/asia/2013/07/24/power2sme-a-group-buying-site-for-small-businesses-in-india-raises-6-million/
- ↑ http://www.telegraphindia.com/external/display.jsp?mode=details&id=40125#.VmaDKGR95Z0
- ↑ http://www.financialexpress.com/article/companies/power2sme-and-tie-announce-the-winners-of-spirit-of-manufacturing-awards/153649/
- ↑ http://www.vccircle.com/news/technology/2014/09/15/power2sme-raises-under-7m-series-c-funding-accel-kalaari-inventus
- ↑ http://www.redherring.com/events/red-herring-global/2013finalists/
- ↑ http://www.redherring.com/events/red-herring-asia/2013-red-herring-asia-top-100-winners/
- ↑ http://businesswireindia.com/news/news-details/power2smes-ceo-wins-serial-entrepreneur-year-award/35912