[Funding alert] B2B grocery ecommerce startup Peel-Works raises $3M from Black Soil, others

Peel-Works Pvt Ltd, a Mumbai-headquartered B2B grocery ecommerce company that operates the retail management platform, Taikee by Peel-Works, has raised 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 said it 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 claiming to make it even more convenient and economical for its customers to buy from Taikee.

"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," said Sachin Chhabra, Founder, Peel-Works.

ALSO READ

[Funding alert] Brinton Pharmaceuticals raises Rs 10 Cr debt from BlackSoil Capital

Before the current round of fundraising, the company had already raised $15 million from investors, including HDFC Bank, Chiratae Ventures, Unilever Ventures, and Indian Angel Network in the past, and is looking to achieve EBITDA breakeven by the end of this fiscal year.

Founded in 2010 by Sachin Chhabra, Peel-Works enables better lives for Corner stores. The company claims to have 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.

“Peel works Tech-enabled inventory led business model, focused approach in 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,” added Ankur Bansal, Founder, Blacksoil Capital.