Its been close to 2 years that a new concept has embarked into the Indian SME landscape. Over the last few years, this concept have created its own niche in the market and given power to the Indian SMEs. Yes, we are talking about Power2SME.
R Narayan, founder and CEO of Power2SME is such a professional , who can be considered as ‘designed for SMEs’. He understands the sector, also understands what can drive this sector and what can actually turn on the SMEs. In an exclusive interaction with Faiz Askari of SMEStreet, Mr Narayan shared a glimpse of his journey with Power2SME and his vision for next few years.
You have created a mark on Indian SME landscape so far, your work is been recognized by many. What thumb rule you followed for Indian SMEs?
The key essence of Indian SMEs is value. If you can give them value they will be hooked to it. Once ou offer certain value to this sector, it may act as a magnetic effect and SMEs will be attracted towards it. Secondly credibility plays very important role in capturing the mind set of Indian SMEs. Since inception I focused on giving great value and building credibility of Power2SME. These two mantras gave us great results.
What is the size of Power2SME member base and what level of transactions are happening on your platform?
We are touching close to 30 thousand members on Power2SME platform. The average size of an order we get in INR 12 Lacs on an average every SME repeats it’s order in 2 to three months of time.
What level of impact did you managed to make on the profitability of your customers?
That’s very important to know that through our platform the profitability of our SME customer registers an increase of 3% to 4%. We are aiming to make this even more valuable for our customer’s profitability and this percentage will go up to 10% in near future.
What are the key areas that Power2SME is working on?
We are working in the space of raw material procurement mainly for the manufacturing sector. We work in the categories such as steel, metals, chemicals, plastics and we are serving various industry sectors.
According to you, what are the key issues that the SME sector in India is facing?
Manufacturing is getting discussed at every level. It’s a focus area for policy makers and various other stakeholders of the industry. Government is working aggressively in making policies which can improve the status of this sector. But, what I feel is the implementation of these policies is an area where a lot of work can be done. If the policies are implemented in an efficient manner then this sector will thrive further and growth can be 3 times more than the present growth rate.
What are the next lines of plan for Power2SME?
We are diversifying in few new areas. Very soon, we will start our Service offerings. We will be bringing very interesting and useful services for the SME sector. These services would include Legal, IT and insurance as well.
Where would you like to see Power2SME in next two years?
We would like to increase our geographic outreach. In next one to two years, we will be covering 20 Indian states, aim to become a 1000 Crore company and we will have 1 Lac members on board with our platform.