The wholesale, distribution, and finance platform, which largely serves the food and agro-industries, announced that it is putting money into a digital platform to improve the effectiveness of supply chains and their ability to generate revenue for customers. In order to further solidify its position as India’s leading B2B platform for SMEs in the agro-commodities and processing value chain, Poshn stated that it anticipates its yearly recurring revenue to surpass $1 billion in the current fiscal year.
The wholesale, distribution, and finance platform with a primary focus on agro and food stated it is investing in technological platforms to make supply chains more effective and financially beneficial to users.
“We will intensify our efforts to expand our categories’ global reach throughout the course of the next four quarters. Shashank Singh, the creator of the agri-fintech company Poshn, said, “We will ramp up the new and enhance the penetration of existing supplies. These elements, along with our scalable tech platform, a special category launch plan, and other considerations, will allow us to hit the goal we’ve set for the upcoming year.
India is an agrarian nation, where 14% of the GDP and around 58% of the population work in the agricultural sector.
The number of intermediaries, lack of credit, and supply chain connectivity gaps in this historically inefficient industry present the substantial market potential for tech-led transformation, according to experts. By digitizing and aggregating the wholesale supply, which is made up primarily of SMEs, Singh continued, “We are making wholesale trade efficient, effective, and seamless.”
The Delhi-based company, which was established in 2020 by Singh and Bhuvnesh Gupta, has raised $3.8 million in its seed fundraising round, which was headed by Prime Venture Partners and included Zephyr Peacock last year.
With the help of POSHN, producers, mantis, and wholesalers can grow their customer base and increase their visibility by moving their storefronts online. The website makes it simple to find and deal in wholesale agribusiness. They also provide flexible payment options and help buyers and sellers with logistics.
According to a recent analysis by Bain & Company, 2022 was one of the most successful fundraising years for agritech, with total investments crossing $500 million under the leadership of a select group of significant firms that showed scalability.
While there are a few large-scale firms with investments, the capacity to demonstrate acceptance by the agritech value chain at scale is still being tested, and business models need to be improved. As a result, the momentum for agritech is likely to be uneven. And the establishment of agritech-focused funds in India may promote innovation in its infancy.
