New Delhi [India], Apr 4 (ANI): Asia's leading venture debt and specialty lending business InnoVen Capital has announced investment of Rs. 400 million (USD 6.2 million) to Power2SME ('P2S'), India's first and largest Buying Club for Small and Medium Enterprises (SMEs).
P2S is also an existing relationship for InnoVen since last three years with first loan advanced to them in 2015.
P2S is dedicated to providing pricing power to SMEs in India in their raw material procurement. The Company achieves the pricing power through aggregation of demand from various SMEs across the country and negotiating a better deal for SMEs with large suppliers in specific sectors.
Its increased portfolio offering - addresses challenges in raw material procurement, Finance and MRO needs. The venture debt raised by the Company will be further directed towards growth and working capital, thus helping them emerge as a strong leader in the B2B commerce platform in India.
"Power2SME has had a long standing association with InnoVen. Raising venture debt helps us conserve equity, minimize dilution and extend the runway. Our partnership with them brings to the table their extensive expertise, and will help accelerate our transformation while better positioning us to execute on our strategy and mission to enhance our business offerings for the MSME sector," said founder and CEO, P2S, R. Narayan.
"We are pleased to partner with Power2SME, a leading B2B commerce marketplace in India backed by strong group of investors. We have known Narayan and the P2S team and look forward to continue to be a part of their growth journey. In addition to venture debt, we will also support their working capital needs through our partner financial institutions," said CEO InnoVen Capital India, Ashish Sharma. (ANI)