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.

–IANS

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