IFC invests $10 million in Power2SME

Will also help firm expand beyond 14 states, ramp up tie-ups with banks, hike user base 10 fold

IFC, a member of the World Bank Group, has invested$10 million as equity in Power2SME, an e-commerce platform that helps small and medium companies buy raw materials at bulk prices and get working capital without collateral.

In addition to the investment, IFC will also advise Power2SME to help it expand beyond the 14 states it currently operates in, improve its ability to provide working capital to SMEs by adding more banks as partners, and increase the number of users on its platforms by up to 10 times in five years.

Power2SME is backed by venture capital firms such as Kalaari Capital, Accel