Peel-Works, a B2B grocery e-commerce company which operates through its app, ‘Taikee,’ to facilitate FMCG and consumer goods distribution to kirana stores across India, is looking to raise $30 million to expand its business to tier 2 and 3 cities.
Taikee plans to tap into a larger retailer network beyond its operations in 10 cities where it has already built a network of more than 20,000 retailers.
The company had raised $15 million from investors including, HDFC Bank, Chiratae Ventures, Unilever Ventures, Indian Angel Network and is looking to break even by the end of this fiscal.
“The pandemic has shown the potential of a B2B marketplace attracting multiple new players in the industry. With our years of experience, we aim to scale our operations to 30 cities and onboard one lakh retailers by 2021. We will need both equity and debt funding to expand Taikee. We are looking to raise $30 million,” said Sachin Chhabra, founder, Peel-Works.
He said the company would focus on building an extensive assortment of products to drive higher profitability for corner stores.
“Corner Stores have ensured a smooth and uninterrupted supply of goods to its customers during this pandemic. We have played an important role in making inventory available in time and at great prices to our retail partners,” Mr. Chhabra said.