Get All Access for $5/mo

Peel-Works' Taikee Raises INR 12 Cr The company has been clocking a monthly turnover of over INR 100 crore ever since lockdown started

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

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.

Prabhjeet Bhatla

Former Staff

News and Trends

Startup Community Grieves the Sudden Demise of Rohan Malhotra, Beloved Leader of Good Capital

From HSBC intern to Good Capital's Managing Partner, Rohan Malhotra's journey spans co-founding Investopad and advising AngelList India, showcasing his expertise in fostering startups and driving innovation.

Science & Technology

How AI-Driven Personalization Is Transforming the Retail Industry and Enhancing Customer Experiences

AI will be one of the driving forces behind maximizing personalization and changing the face of retail as we know it today.

Business News

Meta Says Its New Movie Gen AI Is an Industry First — But a Demo Shows It Isn't Perfect

Movie Gen is too expensive to be released to the public yet, according to Meta's chief product officer.

Business News

U.S. Job Market Soared in September, Exceeding Analysts Expectations

The news comes after July and August had weaker-than-expected numbers.

Franchise

How California's New Disclosure Law Could Affect Franchise Sales Nationwide

The bipartisan legislation introduces new registration and pre-sale disclosure requirements for third-party franchise sellers, including brokers, broker networks and franchise sales organizations.