Chennai, NFAPost: Mumbai headquartered B2B grocery ecommerce firm Peel-Works, which operates the retail management platform Taikee, has secured venture debt of around $1 million from BlackSoil Capital, a 10-year old young venture firm that invests in tech-based startups and high growth companies.
In addition to it, Peel-Works has also secured working capital to the tune of $2 million from others, including key suppliers.
Peel-Works will use the proceeds to expand its network across the country. The company will also use the proceeds to offer even wider assortment and cut fulfillment times further, thus making it even more convenient and economical for its customers to buy from Taikee.
Before the current round of fundraising, the company had already raised $15 million from investors, including HDFC Bank, Chiratae Ventures, Unilever Ventures, Indian Angel Network in the past, and is looking to achieve EBITDA breakeven by the end of this fiscal year.
Peel-works Founder Sachin Chhabra said, “We at Peel-works are extremely delighted and grateful to Blacksoil Capital as well as others for reposing their faith in our company. With the onset of Covid-19, B2B ecommerce has received a significant boost which in turn has forced legacy players across industries to adopt tech solutions to compete with new-age companies like Peel Works.”
“We believe the time is ripe for us to expand our presence across various geographies beyond the top 10 cities that we currently operate in and the fund that we have received would be extremely helpful in our endeavour,” Chhabra added.
On its part, Blacksoil Capital expressed happiness in lending support to Peel-Works. “It is our pleasure to be associated with Peel-Works and support them in their growth journey. Peel-Works Tech-enabled inventory led business model, focused approach in the grocery segment and strive to become a direct link between FMCG brands and Retailers coupled with promoters’ rich experience in this industry make them an interesting play under this B2B ecommerce segment which has already received a major boost with the onset of Covid-19,” said Blacksoil Capital Founder Ankur Bansal.
Founded in 2010 by Sachin Chhabra, Peel-Works enables better lives for Corner stores. The company has a direct tie-up with leading FMCG brands, making it convenient for retailers to source a wide assortment at low prices through a single app instead of interacting with multiple brands’ salesmen. The company’s App – Taikee – solves inventory management, out of stock, and working capital issues for retailers by assuring next day delivery, thus empowering them to offer their consumers a delightful shopping experience.
