[Funding alert] Peel-Works' Taikee raises Rs 12Cr to help its suppliers in inventory procurement
Taikee by Peel-Works — a Mumbai-headquartered online B2B grocery ecommerce platform for corner stores — on Wednesday said it has raised Rs 12 crore from SME lending platforms to guarantee seamless operations and reduce turnaround time in inventory procurement to its suppliers.
The list of capital lenders also includes SME resellers, high network individuals, and NBFCs.
Apart from operational working capital, the startup has also announced a partnership with Grip Invest for leasing infrastructure via its crowdfunding platform.
"Grip Invest will be leasing warehousing racks and totes worth Rs 1 crore to Taikee through this model, thus reducing the logistic costs and opening scaling opportunities for the company. In return, the investors will be able to get up to a whopping 21 percent return on their investments in three years," said Sachin Chhabra, Founder and CEO, Peel-Works Pvt Ltd.
“With our years of experience, we aim to scale our operations to 30 cities and onboard one lakh retailers by 2021,” Chhabra added.
“Peel-Works is providing a powerful and timely supply chain proposition to empower kirana stores and allow them to remain competitive. Grip is excited to leverage its platform and investor base to lease the warehouse equipment Peel-Works requires for its next stage of growth,” said Nikhil Aggarwal, CEO, Grip Invest.
A couple of months ago, Peel-works secured venture debt of around $3 million from BlackSoil Capital and others.
To date, the startup has raised about $19 million from its marquee investors, including HDFC Bank, Chiratae Ventures, Unilever Ventures, Indian Angel Network, and BlackSoil, among others, and is looking to break even by the end of this fiscal year.
Co-Founded by Sachin Chhabra and Nidhi Ramachandran in 2010, Peel-Works enables better lives for corner stores. The startup has a direct tie-up with leading FMCG brands, making it convenient for retailers to source a wide assortment through a single app — Taikee — instead of interacting with multiple brands' salesmen.
The startup claims to have been on a high growth trajectory, posting double-digit growth month-on-month ever since the pandemic began in 2020. It has been constantly clocking a monthly turnover of over Rs 100 crore ever since the lockdown.