[Funding Alert] Peel-Works Raises $3 Mn From BlackSoil Capital
The fund will be used to expand its network across the country
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Peel-Works' retail management platform Taikee announced on Thursday that it has secured venture debt of around $1 million from BlackSoil Capital. The company has also secured working capital to the tune of $2 million from others, including key suppliers.
The startup will use the proceeds to expand its network across the country and to offer a wider assortment and cut fulfilment times further, thus making it even more convenient and economical for its customers to buy from Taikee.
"We at Peel-Works are extremely delighted and grateful to BlackSoil Capital as well as others for reposing their faith in our company. With the onset of COVID-19, B2B e-Commerce has received a significant boost which in turn has forced legacy players across industries to adopt tech solutions to compete with new-age companies like Peel Works," said Peel-Works Pvt. Ltd founder Sachin Chhabra, while commenting on the latest round of fund infusion.
"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 endeavor," Chhabra added.
Before the current round of fundraising, the company had already raised $15 million from investors, including HDFC Bank, Chiratae Ventures, Unilever Ventures, Indian Angel Network in the past, and is looking to achieve earnings before interest, taxes, depreciation, and amortization breakeven by the end of this fiscal year.
"It is our pleasure to be associated with Peel-Works and support them in their growth journey. 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 e-commerce segment which has already received a major boost with the onset of Covid-19," stated BlackSoil Capital founder Ankur Bansal.
The company founded in 2010 has raised more than INR 100 crore from various investors, including Chiratae, Inventus Capital, HDFC Bank, Unilever Ventures, Indian Angel Network, Equanimity, and a few more.