Peel-Works aims to reach $10 bn GMV in 3-4 years

New Delhi, Sep 9 (IANS) Offline retailer-focused e-commerce player Peel-Works targets to achieve a gross merchandise value (GMV) of $10 billion in the next three to four years, said the tech-driven company’s Founder and CEO Sachin Chhabra.

He also envisions getting the company listed on an Indian exchange in the coming years.

“We should be about $10 billion in the next 3-4 years, and probably come up with a company IPO in India. This company is so focused on doing good for the country and helping Indians live better lives that I think it’s a remarkable candidate to get listed on the Indian markets,” he told IANS.

He noted that in case the company reaches break-even by March-April, as aimed, the company will require at least two years to meet the requirements in terms of profitability.

Chhabra also said that the company will also have to be scaled up to a level “where it becomes a meaningful investment for the public”.

The business-to-business (B2B) platform, which supplies groceries to the ‘kiranas’ or small retailers, is currently present in Tier-1 cities — Delhi, Chandigarh, Mumbai, Chennai, and Bengaluru.

He said that the company will now provide services in the Tier-2 cities around the metros it operates in.

“We will now start opening up to Tier-2 cities, from the metros that we operate in… If we are in Chennai, then Coimbatore, Salem, Madurai become natural extensions for us. Similarly for Karnataka, Punjab, Delhi and UP,” the Peel-Works founder said.

The company will now expand its footprint in Lucknow and Kolkata also, he added.

On the fundraising plans, he said that the company has already raised $15-20 million so far and looks to raise a “significant” round of capital in April next year.

He said that the company will then raise further capital to be able to expand its presence to 50 cities across the country.