Peel-Works, the leading SaaS and big-data analytics company enabling sales-force & traditional trade transformation, has raised a Series A round of $2 million from Inventus Capital Partners and IDG Ventures India.
Peel-Works, the leading SaaS and big-data analytics company enabling sales-force & traditional trade transformation, has raised a Series A round of $2 million from Inventus Capital Partners and IDG Ventures India. The investment received will be utilised to expand its existing offerings, hire senior management and ramp up technology and product development. Peel-Works will also expand further to global markets and look to establish itself as a successful global SaaS product company from India.
Peel-Works was set up in 2010 by a team of experienced professionals with deep domain expertise. The company offers SaaS based product 9Yards along with a big-data analytics platform Genius. This product platform has been utilized by large and medium-size companies in FMCG, telecom amongst others that conduct their business using large indirect sales forces. Parag Dhol from Inventus and Karan Mohla from IDG Ventures, have joined the Board of Directors of Peel-Works. The company had previously raised funding from the Indian Angel Network (IAN) in 2011, led by Sadeesh Raghavan and Srikant Sastri, who were on the Board of the company.
With respect to the IDGVI and Inventus funding, Sachin Chhabra, Founder & CEO, Peel-Works added, "Both IDGVI & Inventus have enabled entrepreneurs build large successful companies and that excites us. We have been privileged to be associated with IAN and leveraged both the mentoring and its vast network, which has helped us greatly in scaling our business."
Karan Mohla, Vice President, IDG Ventures India, said, "Driven by Sachin's exceptional leadership, Peel-Works has experienced tremendous growth and traction. The adoption of their unique multi-product SaaS and analytics platform by leading companies showcases their technology & analytics expertise. We are delighted to partner with Peel-Works and believe in their potential of building a global SaaS product company from India."
Parag Dhol, Managing Director, Inventus Capital, said, "Peel-works is a great example of a technology solution (cloud) tailored to Indian realities (fragmented distribution chain). Sachin, Deepak, Nidhi and team bring the experience and skills necessary to stitch together such solutions for blue-chip clients in the FMCG/consumer sectors. We, at Inventus, look forward to working with the team to build an enduring company."
Sadeesh Raghavan, Board Representative, IAN commented "We, at IAN, are delighted with this development. This is a testimony of both our belief in the Peel-Works team and our ability to recognize and foster young startups with immense potential. We see tremendous growth potential for this business and are confident that Peel-Works is the company best able to guide the industry for indirect sales force requirements. "
Srikant Sastri, Board Representative, IAN added, "In Sachin we see a classic entrepreneur leader - one with passion, domain understanding and a high focus on implementation. His focus and determination is inspiring and was the key factor in our investment decision. We are confident that Peel-Works will grow into a valuable company in a short span of time."
Peel-Works' technology solution organizes information, computes performance based ratings and incentives and uses analytics to do predictive modeling and generate recommendations around promotions, skill and competency.