Peel-Works Pvt Ltd, a Mumbai-headquartered B2B grocery ecommerce company that operates the retail management platform, Taikee, has raised venture debt of around $1 million from BlackSoil Capital, a 10-year old young venture firm that invests in tech-based startups and high growth companies.
In addition to it, Peel-Works has also secured working capital to the tune of $2 million from others, including key suppliers.
Peel-Works said it will use the proceeds to expand its network across the country. The company will also use the proceeds to offer even wider assortment and cut fulfillment times further, thus claiming to make it even more convenient and economical for its customers to buy from Taikee.
The company is looking to achieve EBITDA breakeven by the end of this fiscal year.
Founded in 2010 by Sachin Chhabra, Peel-Works enables better lives for Corner stores. The company claims to have a direct tie-up with leading FMCG brands, making it convenient for retailers to source a wide assortment at low prices through a single app instead of interacting with multiple brands' salesmen.
The company’s app – Taikee - solves inventory management, out of stock and working capital issues for retailers by assuring next day delivery.