July 22, 2020: Peel-Works, backed by investors like HDFC Bank and Unilever, is looking to increase its warehousing footprint rapidly with over six times growth by the end of current financial year ending March.
The proposed expansion of the technology start up focused on supply chain management for brick-and-mortar retailers will push the company’s warehousing space to over half a million sq ft from current 80,000 sq ft and 16,000 sq ft in March.
“We are witnessing exponential growth and high demand. Our tech-based platforms are gaining ground as it makes it easier for neighborhood stores to manage inventory and place orders,” said Sachin Chhabra, founder, Peel-Works.
The Covid19 pandemic and subsequent lockdowns have propelled the company’s growth in the last four months as indicated by the number of registered stores that are using their platform to procure supplies.
According to Chhabra, to ensure faster movement and availability of a wide range of goods the company is focusing on increasing the number of warehouses. In the last three months, it has increased the number of warehouses by five times.
“In the next two to three quarters we are planning to increase the number of warehouses by more than six folds from now,” he added.
Peel-work is Mumbai-based ‘software as a service’ (SaaS) platform co-founded by Sachin Chhabra in 2010. It operates a retail management platform Taikee that helps corner stores with anytime ordering ability on an assortment of products using multiple payment methods.
So far the company has raised more than Rs 100 crore of funds from various investors’ including HDFC Bank, Unilever, Indian Angel Network, Equanimity and few more.
It now has over 18,550 stores registered on its retail management platform Taikee across 10 cities as against 12,150 stores in 8 cities as of March end when the lockdowns had started. The company is planning to expand its reach to over 15 cities by the end of March.
Average size of the company’s warehouses in non-metro cities is 5,000 to 6,000 sq ft, whereas in metros like Mumbai, Delhi, and Chennai it is around 10,000 sq ft. In metros, the company has multiple warehouses across the city. In Delhi-National Capital Region (NCR), it has six warehouses and is looking to increase the same to 10 facilities soon. Unlike large warehouses, these facilities are within the city limits to ensure quick deliveries.
Source: Economic Times
