Power2SME Aims To Cross Rs 8,000 Cr In Revenue By 2020
In the period of five years, the B2B firm has spread to 16 cities focusing on small and medium enterprises (SMEs), aiding them at every step of their way, from raw materials to financial assistance
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Power2SME, a Gurgaon-based firm that deals in delivering raw materials at affordable prices and provides financial assistance to SMEs, is confident of crossing Rs 8, 000 crore in revenue by the year 2020, an eight fold jump from current revenue base says R Narayan, CEO Power2Sme in an exclusive chat.
Narayan says on a full year basis, his company will turn profitable in the current financial year of 2017-18. He formed the company in 2012.
In an exclusive conversation with BW Businesworld, CEO Narayan highlighted, “Each of my investor has come in and put further money into my company hinting the belief of the investors. In 2020, we want to be an Rs 8,000 company.” The CEO added that the target is about Rs 6000-7000 crore but the company is hopeful to clear the Rs 8,000 benchmark with a total of 410 employees.
The firm has so far raised $ 30 million. The main investors being Accel Partners, Kaalari, Inventus Capital and Nandan Nilekani, co-founder and Chairmam of EkStep.
“I want to provide the entire ecosystem for SMEs. I will do whatever it needs on the SME side. Whatever I have the power to do,” he said.
Having 10 years of experience in dealing with SMEs, Narayan highlighted, the most troublesome step for SMEs is to gain financial support. So, in order to financially assist them, they came up with FinanSME. It provides financial assistance to the small scale enterprises linking the banks and the SMEs.
Another tributary of Power2SME is the SMEShops.com, an online platform for SMEs to buy and sell goods. They source the raw materials for SMEs at economical prices in varied categories like chemicals, metal, polymers, yarn, copper etc.
Talking about his expansion plans, the CEO added that they also aim to provide service professionals to SMEs; he aims to bring lawyers, HR professionals among other service providers on a common platform with the various small scale enterprises. “With services to SME, an enterprise won’t have to go around to lawyers to bargain for price. He comes here and Power2SME gives him the best lawyer rates,” he noted.
Power2SME with a team of 230 people plans to build a lasting enterprise, with a lifespan of about 200 years. In its 5 years of survival, it has managed to spread its services to 16 cities with an average order value of Rs 40 lakhs by the SMEs.