Power2SME started operations in 2012 and we function as a ‘Buying Club’ for SMEs and help them source raw material at best market prices. Power2SME is creating India’s No 1 B2B Digital Ecosystem for SMEs which delivers raw material procurement at competitive prices and access to finance at improved rates of interest thus driving higher efficiencies and profitability.
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.
Power2SME Mobile App:
India’s first of its kind mobile app to source raw materials
- Power2SME launched India’s first of its kind mobile app to source raw material.
- The mobile app provides:
- Easy method to SMEs to place order or reorder based on previous orders
- Track order, view RFQs
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. In 2009, a research was conducted with the help of IIM-Lucknow students which validated this notion of unfair advantage enjoyed by corporates. 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 suppliers and customers on board
Initially SMEs looked at us as just another player of the industry and were ready deal with us, while suppliers warned us about current market scenario and suggested to try our luck in different field than raw materials. We had to meet with suppliers very frequently to convince and start working with them. They finally had to listen to us as we were able to give them bulk orders for materials. Post then we never looked back.
Getting financial institutes on board
- Finance is the biggest problem for any SME as they struggle to meet their growth and operational requirements.
- Power2SME connected with and closed partnerships with Axis Bank, Vistaar Finance, HeroFin Corp, Electronica Finance Ltd, L&T, Capital Float, Religare Finvest Ltd
- We act as facilitator by bringing together SMEs & NBFCs/banks on a common platform. This initiative has been huge success as more and more SMEs are opting for NBFC financing which provides them with an alternate way of financing.
- Benefits to SMEs include accelerated lending at better rate of interests than private lenders
- With our working model NBFC can provide loans to SME as quick as 8 days. Normally it takes up to 25-30 days to for businesses to get loans.
SME Focused platforms | Creating brands
SME Khabar:
Power2SME has developed a powerful platform branded ‘SME Khabar’ that packages relevant and valuable developments or news on SME sector. It also provides entrepreneurial news & tips from across the globe. It is also comprised of original content in the form of articles, whitebooks, infographics, customer case studies & client testimonials. Created as an opt – in marketing tool it has worked well for us – with 40,000 + subscribers for SME Khabar, Power2SME also receives feedbacks/requests from SME players on frequent basis.
SME Transformation Camps:
Power2SME realizes the need of the hour is to not only to conceptualize and offer great technology platforms but also educate and familiarize SMEs to use such platforms. Hence, we designed the ‘SME Transformation Camps’ that will work in close collaboration with SMEs across the country, via a series of events in different cities. The Camps focus on the areas of raw material procurement, technology and many other important aspects; with an aim to transform their businesses and provide them with competitive edge. We flagged off with our first Transformation Camp that was held in Pune, last year. We received a tremendous response for the same.
Spirit of Manufacturing Awards:
In the year 2013, Power2SME signed up with TiE Delhi; a global network of entrepreneurs, professionals and new companies established to foster entrepreneurship and nurture entrepreneurs to roll out the annual series of ‘Spirit of Manufacturing Awards’. This first-of its kind of initiative was conceptualized and designed with the objective of applauding innovation and entrepreneurship in the manufacturing domain. The award aims to provide a platform to showcase some of the most promising start-ups in the manufacturing domain across the country. The awards provide the necessary visibility, ecosystem and mentorship for these start-ups to scale their operations in the sector.
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