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Peel-Works Bags INR 31.67 Cr In Series C, D To Digitise Grocery Stores

Peel-Works Bags INR 31.67 Cr In Series C, D To Digitise Grocery Stores

Peel-Works has raised INR 31.67 Cr in multiple tranches from July 2019 to March 2020

It has recently raised INR 21 Cr in Series D funding from CSEC Ventures

Peel-Works was founded in 2010 by Sachin Chhabra and Nidhi Ramachandran

Mumbai-based SaaS platform Peel-Works has raised INR 31.67 Cr in multiple tranches from July 2019 to March 2020. The money was raised by issuing debentures, equity and Series C and Series D preference shares.

According to the ministry of corporate affairs filings (MCA) accessed by Inc42, the latest funding of Peel-Works has come from CESC Ventures Limited on March 13, 2020. CESC has invested INR 21 Cr in Peel-Works. As part of this deal, Peel-Works has issued 4134 Series D preference shares at a premium of INR 50,776 with a nominal price of INR 30.

Prior to this, the startup had raised INR 5.6 Cr in Series C from Inventus Capital, Unilever Ventures Holdings, IDG Ventures, Equaniminity Ventures, and founder of Chiratae Ventures Bruno Raschle. The funding in Series C rounds came in multiple tranches from December 03, 2019, to February 02, 2020. Also, this funding round wasn’t disclosed by the company previously.

In this round, Inventus Capital invested INR 3.38 Cr and got 665 preference shares. Unilever Ventures Holdings invested a total of INR 1.32 Cr to get 260 preference shares. IDG Ventures, Equaniminity Ventures, Raschle invested INR 75 Lakhs, INR 7.1 Lakhs, and 13 Lakhs to get 148, 14, and 26 preference shares respectively. The price per share for this deal stood at INR 50,776 with a nominal price of INR 30.

Additionally, Peel-Works raised INR 5 Cr in debt from Trifecta Venture. For this deal, the startup has issued 50 debentures to Trifecta Venture and equity at a premium of INR 50,786 with a nominal price of INR 10 per share. This funding round dates back to July 2019 and was also undisclosed.

Founded in 2010 by Sachin Chhabra and Nidhi Ramachandran, Peel-Works offers software-as-a-service (SaaS) and a big data platform to small to medium-sized shopkeepers. The company provides a marketplace ‘Taikee’ which helps small independent shops to discover new brands and order them from wholesalers or directly from brands. Peel-Works manages the shipment and claims to provide next day delivery of products ordered from the B2B marketplace. So far, over 20K shopkeepers from more than 16 cities are using the Taikee platform.

Chhabra had earlier said that close to 70% of Peel-Works’ partner stores use its services to order every month and the company is looking to hit close to $1 Bn GMV run rate by the end of the financial year 2020. It also sells a SaaS platform ‘Insights’ which allows brand managers to get real-time insights for marketing data and analytics. Other solutions provided by the company include point of sales software which helps in invoicing and inventory management.

Prior to this, Peel-Works had raised $5 Mn in a Series B funding round led by Equanimity Investments (Ventures), along with HDFC Bank, Bruno Raschle and existing investors Unilever Ventures, Chiratae Ventures and Inventus Capital India.


Inc42 Staff

Aman is a recent postgraduate in English Journalism. He currently writes on startup ecosystem and technology. You can write to him at [email protected]
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