|Mr. Ravindra Nath, Chairman cum MD, NSIC and Mr. R. Narayan, Founder and CEO, Power2SME|
India’s first ‘Buying Club’ for SMEs, Power2SME today signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC). This MoU will enable SMEs in India to benefit the most, given the vast array of experience and knowledge NSIC and Power2SME brings to the fore. Additionally, it 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.
The alliance is aimed at empowering SMEs pan-India in sourcing variety of raw materials like Metal, Polymers, yarns, chemicals and a host of other materials. With this coalition, SMEs across India will be able to have access to raw materials, finance, and importantly, help create a positive economic environment for the SME’s. This initiative will provide massive opportunity for the SME sector in terms of creating a platform for them to grow, learn, and face challenges with guidance and support from Power2SME and NSIC. Power2SME, which is a seasoned player in enabling SMEs with streamlined raw material procurement and access to finance, will now aim at giving the sector a much-needed boost that will eventually reflect on the nation’s growth.
Speaking about the alliance, Mr. R. Narayan, Founder & CEO, Power2SME, said, “The MoU between Power2SME and NSIC 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 mutual aim to make MSMEs in India bankable, both Power2SME and NSIC will create a business friendly ecosystem for MSMEs to flourish and improve their contribution towards India’s GDP.”
Echoing the sentiment, Mr. Ravindra Nath, CMD, NSIC, said, “NSIC and Power2SME will further empower and propel Indian MSMEs on the fast lane of growth by making them cost-competitive. NSIC is in the forefront of facilitating MSMEs through a package of services. NSIC facilitates MSMEs with a set of specially-tailored schemes to enhance their competitiveness. NSIC provides integrated support services under marketing, technology, finance, and other support services.”
Taking a note of this significant move, Mr. H.P. Kumar, Director External Affairs, Power2SME, said, “The MoU between Power2SME and NSIC will bring synergy among two institutions of eminence in the industry. Together we will provide multiple value-added services and utility and create substantial value for SMEs. It will benefit the industry through new and expanded service capabilities than ever before.”
Power2SME and NSIC will together work towards the growth of the SME sector with heightened focus on making them a key part in the ‘Make in India’ growth story that will reflect on the growth chart of the country. The newly-signed MoU will make the SMEs attain higher efficiencies and productivity with transparency at each level, which will consequently garner trust of the SMEs. About Power2SME
The first ‘Buying Club’ for SMEs in India, Power2SME, financially backed by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital 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 Chemicals, Additives, Inks, Paints, Metals, Polymer Commodity, Polymer Engineering, etc
Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, Allied Strips, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL, and many more.
Company website: http://www.power2sme.com/
National Small Industries Corporation (NSIC) is an ISO 9001-2008 certified Government of India Enterprise under Ministry of Micro, Small and Medium Enterprises (MSME). NSIC has been working to promote aid and foster the growth of micro, small and medium enterprises in the country. NSIC operates through countrywide network of offices and Technical Centres in the Country. To manage operations in African countries, NSIC operates from its office in Johannesburg, South Africa. In addition, NSIC has set up Training cum Incubation Centre managed by professional manpower.