Jan 09, 2020: New Delhi, India – Power2SME & PHD Chamber of Commerce & Industry (PHDCCI) signed a Memorandum of Understanding (MoU) which aims to boost the economic growth and development of PHDCCI affiliated MSMEs. Power2SME, India’s first B2B buying club will extend its enterprise grade solutions to members of PHDCCI which has a large network and agenda for MSMEs. Additionally, the MoU will also catalyze exchange of market knowledge between both parties, and enable both to service SMEs better for their raw material, finance, and other requirements.
Speaking about the alliance, Mr. R. Narayan, Founder & CEO, Power2SME, said, “The MoU between Power2SME and PHDCCI has been inked to drive our deep commitment towards the MSME players and create a positive impact with relevant solutions that address their business challenges. With a mutual aim to make MSMEs in India bankable, both Power2SME and PHDCCI will create a business friendly ecosystem for MSMES to flourish and boost their contribution towards India’s GDP.”
Echoing the sentiment, Dr. D.K. Aggarwal, President, PHDCCI said, “This MoU envisages mutual cooperation in the area of raw material procurement and facilitating funding support to PHDCCI members from Banks and NBFCs for financing of such Raw materials. Through this, PHDCCI and Power2SME will further empower and propel Indian MSMEs on the fast lane of growth.”
The alliance is aimed at empowering member MSMEs of PHDCCI and others in sourcing a variety of raw materials like Metal, Polymers, Yarns, Chemicals and a host of other materials. Power2SME focuses on streamlining raw material procurement and access to finance for MSMEs at highly competitive rates. This initiative will provide massive opportunity for the SME sector in terms of creating a platform for them to grow, and counter industry related challenges with guidance and support from Power2SME and PHDCCI.
The first ‘Buying Club’ for SMEs in India, Power2SME, financially backed by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) and Accel Partners, began operations in 2012. Committed to empowering SMEs by increasing their profits, Power2SME focuses on reducing purchase prices for SMEs and enhancing productivity. Power2SME enables SME clients to focus on their core business of driving growth and expansion, while taking on the role of sourcing input raw materials at the most competitive price points across multiple products in categories such as Metal, Commodity Polymer, Engineering Polymer, Chemicals, Paints, Solar, Yarn etc. The company, today, has 8 offices spread across Gurugram, Pune, Kolkata, Chennai, Ahmedabad, Jaipur, Bhubaneshwar, & Bangalore, with a team of 200+ employees across India. Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL, and many more.
Company website: www.power2sme.com.
PHD Chamber of Commerce and Industry (PHDCCI) has been working as a catalyst for the promotion of Indian industry, trade and entrepreneurship for the past 115 years. It is a forward looking, proactive and dynamic pan-India apex organization. As a partner in progress with industry and government, PHD Chamber with a special focus on MSMEs’ works at the grass roots level, with strong national and international linkages for propelling progress, harmony and integrated development of the Indian economy.