The first edition of event witnessed participation from 80 SMEs in Kolkata
Kolkata, 9th May 2017: Power2SME, the first ‘buying club’ for SMEs in India, has signed a Memorandum of Understanding with FMC (Foundation of MSME Clusters) to organize a series of SME Transformation Camps pan India. The first event of the series was organized today at Zilla Parishad, Kolkata in collaboration with All Bengal Steel Furniture Manufacturers' Association (ABSFMA). The ceremony was inaugurated by the chief guests - Sri Dipankar Chakraborty, GM – District Industries Centre, Dept. of MSME, Govt. of West Bengal and Mr. Dilip Majumdar, Branch Manager, Punjab National Bank, Barasat.
Under the SME Transformation Camps initiative, FMC and Power2SME will reach out to and bring together a large base of SME groups by conducting a series of on-ground activations and events throughout the year. With an objective of empowering SMEs digitally Power2SME will educate SMEs on technological means to address the issues related to raw material procurement and working capital loans.
Today at Kolkata SME Transformation Camp attended by approx. 80 SMEs, Power2SME hosted a discussion to deliberate on opportunities and strategies on ‘how technology as a business enabler’ can empower SMEs through digitization. The core focus of the discussion was on the benefits of technology up-gradation, raw material procurement and other aspects that SMEs can leverage to enhance their production efficiency and market reputation.
Commenting on the initiative undertaken, Mr. Sumit Bhatia, Senior Vice President - Business Operations, Power2SME said, “Contribution of MSME in Indian economy, both in terms of employment and national production is huge but the sector is facing some challenges in terms of raw material procurement, financial support and digital literacy. We at Power2SME believe that technology can act as boon to address these pressing issues and via SME transformation camps, we aim to equip MSMEs with required skills and knowledge to help them improve profit margin, business efficiency and make them more bankable.
Ms. Sudha Sarin, VP & Marketing, Power2SME added that “While many initiatives have been taken to address different pain points of MSMEs, but there are still gaps to be addressed. Power2SME’s collaboration with FMC for its Transformation Camps will create a platform to provide hand holding services for MSMEs across India. This initiative will be a continuous activity and we will reach out to multiple regions throughout the country.”
Mr. Anijit Bhattacharya, Senior Manager, Foundation of MSME clusters, commented, “Raw material procurement is an important economic activity for micro, small and medium manufacturing units. By joining hands with Power2SME, we are supporting the MSMEs to get raw material at cheaper rates and reduce input cost to sell products at competitive prices”.
Power2SME entered East India by launching its office in Kolkata in 2014, and has built strong network with more than 60 suppliers/large manufacturers and more than 250 transacting SMEs. Power2SME offers complete benefits to its customers such as best price for raw material, 30 days credit days for repayment and support in sourcing working capital loans with easy paper work, among other benefits. Kolkata is an emerging market for SME sector and this initiative is just a step towards empowering them with effective business management skills.Power2SME, through its expertise and services is focused on offering ease of business solutions for SMEs in Kolkata.
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
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