Agreement signed at Annual General Meeting (AGM)organised by IIA in Kanpur
New Delhi, February 22, 2019: In an endeavour to bolster the operations of micro, small and medium enterprises (MSME) across India, Power2SME, the first ‘buying club’ for SMEs in India, signed a Memorandum of Understanding (MoU) with the apex representative body of the Micro, Small and Medium Enterprises (MSME), the Indian Industries Association (IIA). The MoU, valid for 3 years across all 40 chapters of IIA pan India, was signed at the Annual General Meeting (AGM) organised by the central body in Kanpur.
Speaking on the occasion, Ms. Sudha Sarin, Senior Vice President, Marketing and Communications, Power2SME said, “Employing over 100 million people, the MSME sector is the backbone of India’s industrial landscape. Since inception, Power2SME has been committed to addressing the business challenges faced by MSMEs in India. Through this MoU, we look to extend our comprehensive solutions to MSMEs across IIA’s 40 chapters to cater to their raw material needs while offering financial aid & MRO services.”
As part of this joint initiative, MSMEs will be able to benefit from the tie-ups between IIA & Power2SME with financial institutions for easy facilitation of finance and credit support. In addition to this, Power2SME and IIA will jointly hold open house sessions, campaigns and seminars in order to create awareness of various Government schemes that will benefit the MSMEs.
MoU will be valid across IIA’s 40 chapters pan India for 3 years
In line with the Government of India’s vision for MSMEs, Power2SME, through this association, will also aid MSMEs in embracing and integrating technology in their day-to-day operations. It will help them to resolve key issues that include lack of access to working capital and raw materials procurement, to name a few.
Speaking on the occasion, Mr. Sunil Vaish, President, IIA, The Indian Industries Association opined, “For India to prosper, it is imperative to explore the untapped potential of its Micro, Small and Medium (MSME) enterprises. We are extremely happy to partner with Power2SME to aid the SMEs in enhancing their business operations and surmount hurdles that could hamper their growth. Power2SME’s offerings would provide the much required boost to the sector and help them explore opportunities.”
The MoU was signed between Ms. Sudha Sarin, Senior Vice President, Marketing and Communications, Power2SME and Mr. Sunil Vaish, President, IIA.
The first ‘Buying Club’ for SMEs in India, Power2SME, financially backed by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) 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 Metal, Commodity Polymer, Engineering Polymer, Chemicals, Paints, Solar, Yarn etc. The company, today, has 16 offices spread across Mumbai, Chennai, Kolkata, Ahemdabad, Gurgaon, Bangalore, Pune, amongst other, operating in 23 states and Union Territories with a team of 300+ employees across India. Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL, and many more.