[Funding alert] B2B grocery ecommerce startup Peel-Works raises $3M from Black Soil, others
Summary
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. 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. Before the current round of fundraising, the company had already raised $15 million from investors, including HDFC Bank, Chiratae Ventures, Unilever Ventures, and Indian Angel Network in the past, and is looking to achieve EBITDA breakeven by the end of this fiscal year. The company’s app – Taikee - solves inventory management, out of stock and working capital issues for retailers by assuring next day delivery.