Ø Funds will be utilized for expansion
Ø Till date, the company has raised $18 million from various sources
Delhi, October 29, 2020:
Peel-works Pvt Ltd, a Mumbai headquartered B2B grocery e-commerce company that operates the retail management platform, Taikee has secured venture debt of around $1M 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 $2M 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.
Commenting on the latest round of fund infusion, Mr. Sachin Chhabra, Founder, Peel-works Pvt. Ltd. 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,” Mr. 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 e-commerce segment which has already received a major boost with the onset of Covid-19,” said Ankur Bansal, Founder, Blacksoil Capital.
