Delhi-based Indian Angel Network (IAN) has announced an angel investment of Rs 3.25 crore ($600,000-plus) in Mumbai-based Peel-Works, a cloud-enabled sales force transformation and BPO startup. The investment will be used to expand the company’s product offerings, create technology differentiators and human capital. The company will host productized sales force consulting and transformation solutions on the cloud and charge customers on a pay-per-use basis, said a press release.
Peel-Works was founded in 2010 by Sachin Chabra, a former Hindustan Unilever executive. It offers solutions for very large and medium enterprises in the FMCG, telecom and insurance sectors, which have large indirect sales forces. Even though over four-fifth of the sales in these sectors come in through indirect sales forces, the way companies manage this talent is either completely absent or what exists is not commensurate with the significance of their contribution to business results. This creates a dis-engaged sales force which leads to sub-optimal business results and higher operating costs. Peek-Works aims to address this problem with its solutions.
Following the investment, IAN members Srikant Sastri and Sadeesh Raghavan will join the Peel-Works board, said the press release. Other IAN members who are investors in the company include Harish Mehta and Saurabh Srivastava. In 2011, IAN invested nearly $10 million in ten startups including Jigsee, Groffr, and Vayavya.