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In its bid to help the small and medium manufacturing units in this region procure raw materials at relatively competitive rates, Power2SME, the online sourcing portal for the SMEs is gearing up to expand its operations here.
The portal’s focus area though is limited to steel and plastics. It has tied up with at least four majors such as JSW, SAIL, Jindal and Essar for procurement of steel and two for plastics.
Deepak Gupta, Vice President – Business Development, Power2SME, hinted that the firm is in talks with Tata Steel.
He told reporters here that since Tamil Nadu is an upcoming SME hub, especially for auto components, pump manufacture, textile spares and so on, the launch is aimed at associating with the SMEs and being a part of their growth story.
“Since SMEs lack bargaining power, they end up paying huge sums on procurement of raw material. We streamline the process and facilitate the SMEs source the supply on time and at rates which they cannot match. We help in credit financing from NBFCs as well,” he said.
Answering a query on expansion of product line, he said “there were enquiries for aluminium, copper, industrial paints and ball bearing. We keep expanding our category.”
Power2SME commenced operations in July 2012. In the first year of operation, it registered a turnover of Rs 18 cr, which swelled to Rs 63 cr the following year and more than doubled to Rs 137 cr at the close of the just-ended fiscal.
The company is targeting Rs 350 crore this fiscal.
“Over 30,000 SMEs are registered with us,” Gupta said.
The firm has a company representative in Hosur and at Tiruchirapalli in Tamil Nadu.
On expanding its footprints in other regions, he said “we are looking at Jharkhand in North East and evaluating the potential in Karnataka, Andhra Pradesh and Telangana in South India. Punjab is a focus area for us.”
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