Poshn Raises $4 Million In Funding Led By Prime Venture Partners, Zephyr Peacock
The company plans to use the funds to build a stack of solutions that address the gaps in the agritech ecosystem.
Agritech startup Poshn has raised $4 million in equity and $2 million in debt in a pre-series A funding round led by Prime Venture Partners and Zephyr Peacock India.
The company plans to use the funds to build a stack of solutions that address the gaps in the agritech ecosystem. It will also use the funds to expand business to global markets with imports/exports to Southeast Asian and Middle Eastern countries, the company said in a statement.
“Poshn has already cemented its position in the wholesale segment over the last three years. With the trust of investing partners and an infusion of fresh equity, we aggressively integrate forward and backward in the chain and open foreign/export markets over the next 12 months while growing profitably,” Poshn cofounder Shashank Singh said.
Founded by Bhuvnesh Gupta and Singh, the full-stack food supply chain company is working to improve efficiencies throughout the food value chain, including food processing units, general trade, wholesale buyers, retailers, and institutions. The startup has reported a six-fold increase in revenue over the last three years, and is Ebitda-profitable.
The firm operates in over 16 Indian states. The startup had earlier raised $4 million in equity in a seed round with Prime Venture Partner and Zephyr Peacock. It has also collaborated with banks and NBFCs for its debt needs.
“Poshn is using technology to simplify and organise the fragmented food value chain in India. Both buyers and suppliers are adopting Poshn's platform for convenient access to quality products at competitive prices,” said Mukul Gulati, managing partner, Zephyr Peacock India.
