B2B company Power2SME gets Rs 40 crore backing from InnoVen Capital

Temasek-backed venture debt firm announced InnoVen Capital has finalised its intent to invest Rs 40 crore to small and medium enterprises focused B2B e-commerce platform Power2SME.

This is the third credit financing commitment undertaken by the country’s largest venture debt firm towards Power2SME. It had earlier advanced Rs 11 crore to the Gurgaon-based company in two separate transactions in 2015.

Ashish Sharma, chief executive at InnoVen Capital said, “We have known Narayan and the P2S team and look forward to continuing to be a part of their growth journey. In addition to venture debt, we will also support their working capital needs through our partner financial institutions.”

The development comes little less than seven months after Power2SME raised about $36 million in equity financing from its existing backers, a list that includes Inventus Capital Partners, Accel Partners, Kalaari Capital, Nandan Nilekani and International Finance Corp.

“Raising venture debt helps us conserve equity, minimise dilution and extend the runway,” said R Narayan, CEO, Power2SME.