New Delhi, Dec 27 (IBNS) Kalaari Capital (formerly IndoUS Venture Partners), a $160 million venture capital fund, has invested in Power2sme, leading Buying Club for SMEs (Small and Medium Enterprises), to fund the company's rapid expansion plans in the Indian market.
Kalaari Capital has joined hands with the company's existing investor Inventus Capital Partners in extending the Series A fundraising.
The new funds will be used for scaling presence across newer geographies including Mumbai, Pune, Ahmedabad, Chandigarh, hiring talent and increasing the company's brand visibility.
R. Narayan, Founder & CEO, Power2sme, said, "We plan to use these funds to further scale our operations, focus on newer products and increase our reach in the Indian market.
"We are strong believers in the potential of India's SME market, and the funding will be used to build a strong foundation to cater to SMEs across multiple sectors and geographies."
"Power2sme is one of India´s fastest growing businesses in the B2B space. The high satisfaction level of SMEs as well as suppliers is testimony to the excellent service that the company provides SMEs and also the value seen by the suppliers," Vani Kola, MD, Kalaari Capital said.
" We see immense potential in their business model and are highly confident of the capability of the team to execute it well," said Kola.
Vani will join the board of the Company following this investment from Kalaari Capital.