Peel-Works completes series B funding

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Peel-works completes series B funding

A series B round of funding by grocery B2B e-commerce platform Peel-Works involved “complex structuring and negotiations”, said Sambhav Ranka, a partner at IC Universal Legal, which was involved in the deal.

Equanimity Ventures and HDFC Bank led the funding round for Peel-Works. The round also saw participation from Bruno Raschle, founder of asset manager Schroder Adveq, and existing investors Chiratae Ventures, Unilever Ventures and Inventus Capital India.

“The interplay of rights and obligations had substantial complexities with respect to balancing the rights and obligations of the company and promoters, and in light of the five large institutional investors, including Indian and foreign players, who would collectively hold a majority of the company’s shareholding post investment,” said Ranka.

“Further, HDFC Bank itself made this investment and since it is a regulated bank, there were a lot of protocols and restrictions on the rights that it could exercise. Balancing the rights between the different investors was tough.”

Peel-Works will use the funds to strengthen its retail management platform, Taikee, which helps predict demand, localize inventory management, take ordering systems online, and introduce new data sources.

The Mumbai team of IC Universal Legal, comprising partner Sambhav Ranka, senior associate Dhruma Paronigar and associate Vartika Koolwal, acted as the sole legal counsel for Equanimity Ventures and HDFC Bank. TK Law advised Peel-Works. Themis Law acted for some of the other investors.