Mumbai based SaaS and big data analytics platform Peel-Works this week raised $5 million in Series B funding. This round was led by Equanimity Ventures, along with noted names in the industry like HDFC Bank and Bruno Raschle. Peel-Works' existing investors Unilever Ventures, Chiratae Ventures, and Inventus Capital India also backed the startup in this round.
Sachin Chhabra, founder and CEO at Peel-Works told a noted financial daily, “The funds will be used to expand business across 25 cities and onboard 100,000 retailers over the next 6-12 months.” He added that the startup is looking to achieve a $1 billion mark in the gross merchandise volume (GMV) run rate this year in the grocery segment.
Chhabra also said that Peel-Works are extremely bullish about their growth plans in India in 2019. "This fresh round of funds will help us deepen and expand our business and offerings to a larger number of pin codes. We believe they will play a valuable role in helping the company widen its service/ product offerings and build out its fintech capabilities," he said in a statement.
Peel-Works now plans to strengthen their retail management platform Taikee, with the funding. As India's largest company focused on corner stores, Peel-Works helps traditional kirana stores stay relevant for the new-age retail consumer. With their suite of technology products, they enable consumer good companies to increase on-shelf availability of their brands.
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