Mumbai-based Peel-Works said Monday it has raised USD 5 million (around Rs 34.85 crore) from a clutch of investors led by Equanimity Ventures along with HDFC Bank.
The series B funding round also saw participation from Schroder Adveq Holding AG vice-chairman and founder Bruno Raschle and existing investors Unilever Ventures, Chiratae Ventures and Inventus Capital India.
"This capital, for which the term sheet was signed in October 2018, will enable Peel-Works to strengthen its retail management platform Taikee. This platform is transforming the way corner stores operate in India," Peel-Works said in a statement.
Taikee is a grocery B2B e-commerce platform and is designed to help small independent shops with a data-driven inventory and replenishment platform. It enables retailers to discover brands at low prices. The platform is live in more than 16 cities with 20,000 retailers.
The company will utilise these funds to expand its footprint to other geographical markets. It will also be used to expand business across 25 cities and onboard one lakh retailers over the next 6-12 months.
In the grocery segment, Peel-Works is looking to hit close to a billion dollar GMV run rate in 2019, the statement said.
"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," Peel-Works founder and CEO Sachin Chhabra said.