Mumbai-based Peel-Works, a big-data and analytics startup focussed on retailing, has raised $5 million in Series B in a round led by Equanimity Ventures. The funding round also saw participation from HDFC Bank, Bruno Raschle and existing investors Unilever Ventures, Chiratae Ventures and Inventus Capital India, reports LiveMint.
The company has two proprietary software products — Taikee, a B2B e-commerce platform and Athena, a ‘real’ market measurement standard for unorganised retail. The fresh capital raised will allow Peel-Works to strengthen Taikee by expand its footprint to other geographical markets. Taikee currently claims to have over 20,000 registered retailers across 16 cities, including Delhi/NCR, Mumbai, Jaipur, Bangalore, Pune, Mysore, Chennai, and others.
Peel-Works was founded in 2010 by Sachin Chhabra, who is an XLRI Jamshedpur alumnus and a Bachelor’s degree in Economics from St. Stephen’s College, Delhi.
“The funds will be used to expand business across 25 cities and on board 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.
He added that Indian shoppers continue to rely on brick-and-mortar stores for their monthly and daily grocery needs. “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.
So far, the startup has managed to raise a total of about $7 million in funding over four rounds. In July 2014, Peel-Works had raised $2 million in series-A of funding from IDG Ventures India and Inventus Capital Partner. Earlier in 2011, Indian Angel Network (IAN) had also invested a $1 million in Peel-Works.
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 centre of India’s retail story and represent a vast market.”