Power2SME is the first ‘Buying Club’ for Indian SMEs that aims to empower and propel them on the fast lane to growth. Headquartered in Gurgaon, Power2SME has 5 more offices spread across Mumbai, Chennai, Kolkata, Ahmedabad and Pune. Startup Simba spoke to R Narayan, Founder and CEO, Power2SME, to find out what is this startup doing to change the SME segment in India.
Who are we?
The company is leveraging technology solutions and building relevant technology platforms to promote ease of doing business among SME players. Our initiatives are as below:
Power2SME has built simple to use tech platforms: Power2SME’s online platform allows the SMEs to track their orders as well as undertake transactional activities such as placing new enquiries, checking price quotes, uploading purchase orders, checking status of delivery, account statement, notification of payment due etc. This platform is available 24×7 to all the customers and can be accessed without any charges. This online platform thus enables the SMEs to reduce costs and build efficiencies in their business processes, allowing them to compete on an equal footing with large enterprises.
SMEShops: We also own a category called SME Shops on Power2sme’s platform through which sellers can buy and sell products in various categories ranging from Power tools, IT & Electronics, Office Supplies, Pneumatics, Power, Coating & Paints, Pumps, Sawing and Cutting, Solar products, Lab equipment’s etc. SME Shops offers unlimited product listings and one can sell all across India
How did we start?
The idea to start Power2SME came about during R. Narayan’s experience with the SME community on the field. Narayan used to deal with both the SME and enterprise segments during his previous stints. Narayan saw the price quotations that were sent to an SME as well as a large enterprise, for the same product, where the variance was to the tune of 20-45%. This was mainly due the size of the orders and SMEs’ weak negotiation power. With 70% of the Indian job market powered by SMEs, he felt this was an unfair gap between SMEs and enterprises. At that point in time, Narayan decided to build a portal where SMEs could submit their requirements and the portal would buy on their behalf.
Getting financial institutes on board