06 May 2019, India:
SaaS platform Peel-Works has raised $5 million in Series B round of funding. The funding round was led by Equanimity Ventures.
HDFC Bank, Bruno Raschle and existing investors Unilever Ventures, Chiratae Ventures and Inventus Capital India also participated in the funding round.
The company will use the fresh capital to strengthen its retail management platform Taikee. The company will also use the funds to to expand business across 25 cities and on board 100,000 retailers over the next six to twelve months.
Taikee is a B2B e-commerce platform largely focused on the grocery segment.
“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,” said Sachin Chhabra, Founder and CEO, Peel-Works.
“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.
“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,” said Rajesh Sehgal, CFA, Managing Partner, Equanimity Investments.
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