Taikee funding

Taikee by Peel-Works announced on Wednesday that it has raised Rs 12 crore from SME lending platforms to ensure smooth operations and decrease turnaround time in inventory procurement to its suppliers. 

SME resellers, high network individuals, and NBFCs are also included in the list of capital lenders.

Besides operational working capital, the startup has also revealed a collaboration with Grip Invest for leasing infrastructure through its crowdfunding platform. 

Speaking about the new development, Sachin Chhabra, Founder and CEO, Peel-Works Pvt Ltd said, “Grip Invest will be leasing warehousing racks and totes worth Rs 1 crore to Taikee through this model, thus reducing the logistic costs and opening scaling opportunities for the company. In return, the investors will be able to get up to a whopping 21 percent return on their investments in three years.”

“Peel-Works is providing a powerful and timely supply chain proposition to empower kirana stores and allow them to remain competitive. Grip is excited to leverage its platform and investor base to lease the warehouse equipment Peel-Works requires for its next stage of growth,” said Nikhil Aggarwal, CEO, Grip Invest.

Peel-works had secured venture debt of about $3 million from BlackSoil Capital and others a few months ago.

To date, the startup has raised around $19 million from its marquee investors, including Indian Angel Network, HDFC Bank, Unilever Ventures, Chiratae Ventures, and BlackSoil, among others, and is expecting to break even by the close of this fiscal year. 

Co-Founded by Sachin Chhabra and Nidhi Ramachandran in 2010, Peel-Works facilitates better lives for corner stores. The startup has partnered with major FMCG brands, making it fit for retailers to receive a broad variety via a single app, Taikee, instead of interacting with salesmen from multiple brands.

The startup claims to have been on a high growth trajectory, clocking double-digit growth month-on-month ever since the pandemic started in 2020. It has been steadily recording a monthly turnover of more than Rs 100 crore ever since the lockdown.

Taikee is empowering several small and mid-size retailers who have been severely impacted by the pandemic. The new financial development would help the company in growing its business.

Shishir Gupta, Founder and CEO, StartupLanes

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