Peel-Works' Taikee Raises INR 12 Cr
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Online B2B grocery e-commerce platform Taikee by Peel-Works, for corner stores, said it has raised INR 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 company also announced a partnership with Grip Invest for leasing infrastructure via their crowdfunding platform.
"Grip Invest will be leasing warehousing racks and totes worth INR 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 per cent return on their investments in three years. With our years of experience, we aim to scale our operations to 30 cities and onboard one lakh retailers by 2021," said Sachin Chhabra, founder, and chief executive officer, Peel-Works Pvt. Ltd.
With INR 12 Cr working capital flowing in as vendor finance from investors, Taikee has enabled its supply partners to reduce the turnaround time in inventory procurement across a wide assortment of SKUs. Through this catalytic change, the Kirana-focused startup is set to tap a larger network of CornerStores, while further challenging the traditional retail distribution setup.
“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. Strong management, proven execution track record, long-standing partnership with blue-chip clients, HUL, and Amazon as well as sponsorship from funds like Chiratae, Trifecta, and BlackSoil Capital increases the attractiveness of this partnership with Peel-Works,” stated Nikhil Aggarwal, chief executive officer, Grip Invest.
A couple of months ago, Peel-works has secured a venture debt of around $3 million from BlackSoil Capital and others.
To date, the company has raised about $19 million from its marquee investors including, HDFC Bank, Chiratae Ventures, Unilever Ventures, Indian Angel Network, BlackSoil amongst others and is looking to break even by the end of this fiscal year.
The company has been on a high growth trajectory posting double-digit growth month-on-month ever since the outbreak of the novel coronavirus in 2020. It has been constantly clocking a monthly turnover of over INR 100 crore ever since the lockdown, the company shared.