Peel – Works Pvt Ltd 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. It has also secured working capital to the tune of $2 million from others, including key suppliers.
Peel – Works was founded in 2019 by Sachin Chhabra with the aim to better the lives of corner stores. It 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.
Sachin Chhabra, Founder, Peel-Works said, “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.”
Ankur Bansal, Founder, Blacksoil Capital said, “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.”
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.