Power2SME signs MoU with PHDCCI to empower MSMEs

Power2SME and PHD Chamber of Commerce and 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 the exchange of market knowledge between both parties, and enable both to service SMEs better for their raw material, finance, and other requirements.

"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," said R Narayan, Founder and CEO, Power2SME.

"This MoU envisages mutual cooperation in the area of raw material procurement and facilitating funding support to PHDCCI members from banks and NBFCs for the financing of such raw materials. Through this, PHDCCI and Power2SME will further empower and propel Indian MSMEs on the fast lane of growth," said DK Aggarwal, President, PHDCCI.

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 a 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.

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