Peel-Works raises $5 million led by Equanimity Ventures

Peel-Works raises $5 million led by Equanimity Ventures 1

Peel Works, which is a Mumbai based big data and analytics startup focused much more on retailing have now secured $5 Million in the funding round of Series B in a round led by the Equanimity Ventures. The funding round also some of the participation from the Bruno Raschle, Unilever Ventures, HDFC Ventures, Inventus Capital and Chiratae Ventures.

The company as of now has two proprietary software products – Taikee, a Business to Business e-commerce platform and Athena, a real market measurement standard for the unorganized retail. The fresh capital will also allow the Pee – Works to strengthen Taikee by expanding its footprint to some other geographical location. Taikee as of now claims to have more than 20000 registered retailers across the 16 cities which includes the Jaipur, Mumbai, Delhi/NCR, Bangalore, Chennai, Pune, and others.

Peel-Works was founded by the Sachin Chhabra in the year 2010, who is an XLRI Jamshedpur alumni.

“The funds will be used to expand business across 25 cities and onboard 100,000 retailers over the next six to twelve months,” said Sachin Chhabra, founder & CEO, Peel Works. In the grocery segment, Peel-Works is looking to hit close to a $1 billion in GMV run rate in 2019, the company said.

“Taikee helps these retailers grow faster, retain their customers and improve their profitability. The platform delivers this by helping the retailer right-size his assortment, buy it cheaper, and adopt technology that makes it convenient for shoppers to transact with him,” said Chhabra.

Rakesh Singh, Group Head-Investment Banking, Private Banking, Capital Markets and Financial Institutions, HDFC Bank, said, “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. Neighborhood grocery stores are at the center of India’s retail story and represent a vast market.”

Report

Written by Udit Agarwal

Startup/Tech News Correspondent, Responsible for gathering information on the tech companies working on IOT, AI, ML, Cloud, Mobile Technologies,

Udit can be reached at [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *

Microsoft introduces new cloud experiences and developer tools for creators at Microsoft Build 8

Microsoft introduces new cloud experiences and developer tools for creators at Microsoft Build

Raymond partners with SAP to boost innovation at its FMCG division 9

Raymond partners with SAP to boost innovation at its FMCG division