Grocery B2B commerce platform Peel-Works has raised $5 million in Series B funding round led by Equanimity Ventures. New investors HDFC Bank and Bruno Raschle, and existing investors Unilever Ventures, Chiratae Ventures, and Inventus Capital India also participated in the round.
According to a press statement, the funds will be used by the company to strengthen its retail management platform Taikee.
Taikee is a B2B ecommerce platform, designed to help small independent shops with its data-driven inventory and replenishment platform. It enables retailers to discover brands at low prices and is live in more than 16 cities. The company claims that 20,000 retailers are using its platform to improve their sales, basket-fill, and profitability.
Commenting on the fund raise, Sachin Chhabra, Founder and CEO, Peel-Works, said,
“We are extremely bullish about our growth plans in the country this year. This fresh round of funds will help us deepen and expand our business and offerings to a larger number of pincodes. We believe Equanimity Ventures and HDFC Bank will play a valuable role in helping the company widen its service/ product offerings and build out its fintech capabilities.”
Taikee will utilise these funds to expand its footprint to other markets, and expand its business across 25 cities. It also plans to onboard 100,000 retailers over the next six to 12 months. In the grocery segment, Peel-Works is looking to hit close to a $1 billion GMV run rate in 2019.
Rajesh Sehgal, CFA, Managing Partner, Equanimity Investments, said,
“Equanimity is pleased to support Peel-Works in its endeavour to support brick and mortar corner stores with technology that makes their businesses more efficient and profitable. Corner stores remain the soul of Indian retail and Peel-Works’ retail management platform helps reinvigorate it.”
At present, Taikee operates across Delhi-NCR, Mumbai, Jaipur, Chandigarh, Bangalore, Pune, Mysore and Chennai.
“We believe Peel-Works, with their data-driven/ tech-led approach, complements HDFC Bank's own focus on delivering value to Indian retailers with digital solutions and banking services. Neighbourhood grocery stores are at the centre of India’s retail story and represent a vast market. We believe in Peel-Works’ tech-enabled solutions which aim to improve store sales, profitability and inventory management,” said Rakesh Singh, Group Head-Investment Banking, Private Banking, Capital Markets and Financial Institutions, HDFC Bank.