Cloud-based Start-up Peel-Works Raises Rs 3.25Cr From Indian Angel Network
Set up by a team of management graduates with experience in the FMCG sector and HR & sales management domains, Peel-Works offers solutions for large-to-medium-sized companies in FMCG, telecom and insurance space who conduct their businesses using indirect sales force.
According to a company statement, the investment will be utilised to expand its product offerings and create technology differentiators & human capital. Productised sales force consulting and transformation solution is planned to be hosted on the Cloud and will be charged on pay-per-use basis.
As part of the deal, two members from IAN, Sadeesh Raghavan and Srikant Sastri, would be joining Peel-Works' board.
"In Sachin and his team, we found exceptional entrepreneurs with a passion and high energy to create a company focused on building its clients' sales force to produce measurable results for its customers. Peel-Works has a well-thought-through scalable strategy and a high execution focus," said Raghavan on the deal.
Sachin Chhabra, founder and CEO of Peel-Works said, "We are very excited to have IAN join hands with us to build Peel-Works. In our pre-investment discussions, we have already received very high quality strategic input and going forward, we see Peel-Works building a hockey stick growth curve with IAN's thought leadership and networks."
The Indian Angel Network has over 180 members and has completed over 25 investments across multiple sectors like IT, mobile and education. It has also made several successful exits. In 2011 alone, IAN invested nearly $10 million in 10 start-ups, such as Jigsee, GrOffr and Vayavya.