SUMMARY
Poshn will use the fresh capital to grow aggressively and hire talent across tech and business functions
Poshn offers full-stack services for wholesale trading of commodities
Poshn posted a 20X growth in the last eight months and aims to grow 25% MoM over the next year
New Delhi-based agritech startup Poshn has raised INR 28.8 Cr ($3.7 Mn) in its seed funding round led by Prime Venture Partners along with Zephyr Peacock.
The fresh capital will be used to grow aggressively and hire talent across tech and business functions.
Founded in 2020 by Shashank Singh and Bhuvnesh Gupta, Poshn offers full-stack services for wholesale trading of commodities. It offers a tri-party commerce platform where wholesale buyers can purchase from millers and stockists. It aims to organise the agri-supply chain by making wholesale trading seamless.
Poshn claims to remove working capital constraints for buyers and helps them increase their procurement as well as turnover. Additionally, sellers can expand their network and reach more buyers through the Poshn platform and increase their business.
The startup claims to have partnered with over 100 wholesalers across ecommerce, modern trade, general trade. It posted a 20X growth in the last eight months and aims to grow 25% month-on-month (MoM) over the next year.
Poshn competes with the likes of Eeki Foods, AGRIM, Arya.Ag and WayCool in the agritech industry.
Indian Startups Tapping Into The Agritech Market
According to an Inc42 report, the Indian agritech industry was estimated to be worth $24 Bn in 2020, of which the tapped market size was only $204 Mn.
The industry has seen a lot of interest and fundraises recently. Earlier this month, agritech startup Eeki Foods raised $6.5 Mn in its Series A funding round led by General Catalyst with participation from Avaana Capital and Better Capital.
The round also saw participation from angel investors including Bowery Farming’s Irving Fain, Amazon Prime India’s Subbu Palaniappan, Facebook’s Srinivas Narayanan, NoBroker’s Akhil Gupta and Amit Kumar Agarwal.
In February 2022, AGRIM raised $10 Mn in its Series A funding round led by Kalaari Capital.
The round saw participation from existing investors Omnivore, India Quotient, and Accion Venture Lab. Axis Bank too joined the round as part of its Bharat Banking initiative.
In January 2022, agritech startup Arya.ag raised $60 Mn in a Series C funding round in a mix of equity and debt financing. The round was led by Asia Impact SA, Lightrock India and Quona Capital. It also received debt financing from the US-based International Development Finance Corporation (DFC), among others.
In the same month, fresh produce distribution startup WayCool raised $117 Mn in a Series D funding round. The round saw participation from investors including LightRock, LightBox, FMO, Lightsmith, IFC, Redwood Equity Partners and Gawa Capital.
