The start-up has also announced a partnership with Grip Invest for leasing infrastructure via its crowdfunding platform, in addition to raising funds.
B2B grocery e-commerce Peel-Works platform for corner stores has raised INR 12 crores from platforms that lend to SMEs. The list of capital lenders also includes high net worth individuals, SME resellers, as well as NBFCs. The start-up has also announced a partnership with Grip Invest for leasing infrastructure via its crowdfunding platform, in addition to raising funds.
Grip Invest will be leasing warehousing totes and worth INR 1 crore to Taikee, thus reducing the logistics costs and expanding scaling opportunities for the brand. In return, the investors will be able to get up to 21% return on their investments in 3 years. A few months ago, Peel-works secured venture debt from BlackSoil Capital and others to the amount of $3 million. The start-up has raised about $19 million from its investors, including Chiratae Ventures, HDFC Bank, Unilever Ventures, Indian Angel Network, and BlackSoil, among others, and is looking to break even by the end of this fiscal year.
Co-Founded by Nidhi Ramachandran and Sachin Chhabra in 2010, Peel-Works enables better access for corner stores to customers, and customers to common stores. The start-up has a direct tie-up with leading FMCG brands, making it convenient for retailers to source a wide assortment through a single app instead of interacting with multiple salesmen.
Source: Business World