Poshn, an agritech startup, will use the funds to construct an innovative stack of solutions that address system gaps, as well as to grow into global markets with profitable imports and exports to Southeast Asia and the Middle East.
Poshn, an agritech business, announced that it has raised $4 million in equity and $2 million in debt in a pre-Series A investment round headed by Prime Venture Partners and Zephyr Peacock India.
The business intends to use the cash to develop an innovative stack of solutions that address system deficiencies. It also intends to grow its business into worldwide markets by importing and exporting profitable products to Southeast Asia and the Middle East.
“Poshn has already solidified its position in the wholesale market during the last three years. “With the trust of our investors and the infusion of new equity, we will aggressively integrate forward and backward in the chain and open foreign/export markets over the next 12 months while growing profitably,” cofounder Shashank Singh stated.
Poshn was founded in 2020 by Singh and Bhuvnesh Gupta and has secured around $8 million in equity, including the most recent round of funding.
Poshn is a full-stack food supply chain startup that uses an integrated strategy to improve efficacy and efficiency throughout the whole food value chain, which includes food processing units, wholesale purchasers, institutions, general trade, and retailers. Over the last three years, the company’s sales has increased sixfold, and it is now Ebitda profitable.
The company operates in more than 16 Indian states. In 2022, it raised $4 million in equity through a seed round with Prime Venture Partners and Zephyr Peacock. It has also cooperated with banks and non-bank financial institutions to meet its debt requirements. Some of the names are ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave.
“Poshn uses technology to simplify and manage India’s fragmented food value chain. Both buyers and suppliers are using Poshn’s platform to have easy access to high-quality products at cheap costs. “We are thrilled to collaborate with Shashank and Bhuvnesh,” stated Mukul Gulati, managing partner of Zephyr Peacock India.
Poshn has developed solutions to improve supply chain efficiency for user onboarding, document collecting and verification, and ledger matching. In the following phase, the company will integrate forward and backward in the food value chain to gain more efficiencies through capacity planning, utilisation, and direct access to merchants.
The food supply chain business is worth more than $800 billion, with a highly fragmented supply side. Inefficiencies occur in the supply chain as a result of a large number of intermediaries or middlemen, poor capacity planning, a lack of predictable demand, and a lack of technology. Poshn is using technology to help bridge these gaps.
