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Nandan Nilekani invests in Power2SME startup
Power2SME, a startup that focuses on small and medium enterprises (SMEs), on Monday announced Nandan Nilekani, co-founder of Infosys, was stepping in as a strategic investor into the startup. All existing investors Accel Partners, Kalaari Capital and Inventus Capital also participated in this funding round.
Hyderabad: Power2SME, a startup that focuses on small and medium enterprises (SMEs), on Monday announced Nandan Nilekani, co-founder of Infosys, was stepping in as a strategic investor into the startup. All existing investors Accel Partners, Kalaari Capital and Inventus Capital also participated in this funding round.
The startup however did not reveal the quantum of investment that it had raised in this round. Nilekani’s investment in Power2SME follows major announcements by the government such as ‘Make in India’ and its focus to more than double the current share of manufacturing to 25 per cent of GDP by 2022, from the existing 12 percent.
“Power2SME has a unique business model that focuses on making SMEs bankable and profitable. I am excited to watch the growth journey of this company as it continues to contribute in strengthening the SME social fabric of the nation,” said Nilekani in a statement released by the startup. Indian SMEs act as an engine for growth of our nation and they are critical to making India a manufacturing hub, he added.
The SME sector is poised for high growth and the strategic investment from Infosys co-founder and former Chairman of UIDAI Nilekani is expected to prove to be a big boost for the Power2SME business as it continues to empower SMEs across their sourcing needs as well as financial requirements.
