Nandan Nilekani steps in as a strategic investor in Power2SME

Nilekani said said Power2SME has a unique business model that focuses on making SMEs bankable and profitable

Power2SME announced on Monday that Nandan Nilekani was stepping in as a strategic investor. Existing investors Accel Partners, Kalaari Capital and Inventus Capital participated in this funding round.

The company refused to reveal the amount that the consortium will be investing in the company. The company, meanwhile, said it would be expanding its product portfolio on offer to increase customer penetration.

"Power2SME has a unique business model that focuses on making SMEs bankable and profitable," Nilekani said in a statement released by the company. The firm has worked with close to 30,000 SMEs over the past three years.

"Power2SME is working towards creating an ecosystem that addresses SMEs' challenges in raw material procurement and financial assistance, which are major roadblocks for growth. We have a very aggressive plan for developing our business and boosting revenues in the future," said R Narayan, founder and CEO, Power2SME.