Friday, June 14, 2024

Foodtech startup Poshn raises US$ 4 million in Pre-Series A round 

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Poshn, a food-tech startup that aims to simplify the unorganized food supply chain, has raised USD 4 million in equity, and USD 2 million in debt in a pre-series A funding round. The funding led by Prime venture partners and Zephyr Peacock India will help Poshn create a large distribution network in the food ecosystem.

Poshn plans to use the fresh funds to build its innovative stack of solutions that address the gaps in the system. It will also use the funds to expand the business to global markets with imports/ exports in profitable categories to Southeast Asian and Middle Eastern countries.

Founded by  Shashank Singh and Bhuvnesh Gupta, the company has raised around $8 million in equity since its inception in 2020.

On the new funding round, Shashank SinghCo-founder,  Poshn, said, “Poshn has already cemented its position in the wholesale segment over the last three years. With the trust of investing partners and 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.”

Over the past three years, Poshn has experienced remarkable growth while maintaining profitability. The company’s revenue has increased six-fold from FY22 to FY24. Since its inception, the startup has marked a presence in more than 16 states in India. In 2022, the startup raised  USD 4 million in equity in a seed round with Prime Venture Partner and Zephyr Peacock. Additionally, it has partnered with Banks & NBFCs for its debt requirements. Some notable names include ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave.

Bhuvnesh Gupta, Co-founder, Poshn, said, “The food-tech company boasts the best operational and capital efficiency in not just food tech but across B2B segments. With renewed capital and trust, we will continue to scale newer horizons with the same efficiency.”

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