Peel-Works said Monday that it has secured $2 million in Series A funding. The investors were Inventus Capital Partners and IDG Ventures India. In conjunction with the funding, Parag Dhol of Inventus and Karan Mohla of IDG Ventures have been added to Peel-Works’ board of directors. Headquartered in Mumbai, Peel-Works is a provider of salesforce solutions.
Mumbai, July 28, 2014: Peel-Works, the leading SaaS and big-data analytics company enabling salesforce & 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 2011 by a team of experienced professionals with deep domain expertise in the FMCG sector encompassing leadership roles across Sales Management and Human Resources. 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, healthcare and BFSI sectors 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 2012, 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, “We see partnering with Inventus and IDG Ventures as the next logical step as we are looking at expand our business to global markets. 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.
Peel-Works, has built a SaaS based salesforce transformation and analytics platform that provides presence and performance management capabilities for companies with large extended salesforce. Peel-Works products enable their customers to get their extended salesforce to execute flawlessly in the marketplace and to deliver business results. ESF managed via 9Yards and Genius invests more time with their customers, deliver higher sales and execute better on the process metrics. Peel-Works partners large and medium sized companies across very diverse sectors and businesses. To learn more about the company and its products, please visit www.peel-works.com <http://www.peel-works.com>
About Inventus Capital Partners
Inventus Capital Partners is a US-India venture firm managed by successful entrepreneurs and industry operating veterans who have backed over 100 entrepreneurs with operations in India and/or Silicon Valley. Inventus backs entrepreneurs first and foremost. The companies financed by Inventus include TELiBrahma, Insta Health, redBus, FundsIndia, Vizury, Sokrati, Cbazaar, Savaari, Power2SME, Policybazaar, eDreams, Unbxd and Avaz. Inventus is currently investing out of its recently raised Fund-II. More information about Inventus is available at www.inventuscap.com <http://idgvcindia.com/html/www.inventuscap.com>
About IDG Ventures India
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with over $6 billion under management with over 220 investee companies and 10 offices across Asia and North America. IDG Ventures has been an investor in companies including Ctrip, Tencent, Baidu, Netscape, BabyCenter, Sohu, Vancl and VinaGame. In India, IDG Ventures has invested in companies such as Flipkart, Yatra, Newgen, Brainbees (FirstCry.com), Vserv, Manthan Software, Valyoo (Lenskart.com), Ozone Media and Actoserba (Zivame.com). More information about IDG Ventures is available at www.idgvcindia.com <http://www.idgvcindia.com>
About Indian Angel Network
Indian Angel Network is Asia’s largest angel investor network with over 300 investors across 10 countries and the world’s only angel network with operations outside its home country. As a part of this Network built “By Entrepreneurs, For Entrepreneurs”, investees can gain access to the vast business network of IAN’s influential members, strategic direction, and operational guidance. Over the last two years, IAN funded over 30 deals investing close to US$ 20 million. IAN’s portfolio companies leveraged IAN’s investment with another US$ 30 million from next round, bringing in a total of US$ 45-50 million to startup companies. For media queries, please contact: Padmaja Ruparel ([email protected])