Delhi-based startup Poshn secures $6M in pre-Series A round
Foodtech startup Poshn plans to broaden its market presence globally, focusing on import and export categories in Southeast Asian and Middle Eastern nations.
Delhi-based foodtech startup raised a total of $6 million in a pre-Series A round, including $4 million in equity and $2 million in debt, led by and .
The startup will use the fresh capital to build its solution stack. It also plans to broaden its market presence globally, focusing on import and export categories in Southeast Asian and Middle Eastern nations.
With this round, Poshn has raised $8 million in equity since its inception.
In 2022, the startup secured $4 million in equity in a seed round led by Prime Venture Partners and Zephyr Peacock. In addition, Poshn has partnered with multiple banks and NBFCs, , , UCIC, , Blacksoil, and Capsave, to fulfil its debt requirements.
Founded in 2020 by Shashank Singh and Bhuvnesh Gupta, Poshn operates as a wholesale processed commodity distribution and financing platform to enhance efficiency in agricultural wholesale trade.
“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,” said Shashank Singh, Co-founder of Poshn, in a statement.
To boost effectiveness, the full-stack supply chain firm integrates solutions across the food value chain, such as food processing units, wholesale buyers, institutions, general trade, and retailers. At present, it has established its presence in over 16 Indian states.
“Poshn has led by being a supply-first company and has meaningfully solved for the B2B food value chain. The company has always been bottom-line focused with a remarkable ROCE and wants to continue expanding that further by going deeper into the supply chain while also pursuing some full-stack vertical integrations. We believe Poshn will be a category-defining company in the coming years, and we are excited to be their partners from day zero,” said a spokesperson from Prime Ventures Partners.
It has developed solutions for streamlining user onboarding, document collection and verification, and ledger matching within the supply chain.
The company plans to expand its upstream and downstream integration in the food value chain to onboard additional efficiencies through capacity planning, utilisation, and direct engagement with retailers.
“Poshn boasts of 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,” said Bhuvnesh Gupta, Co-founder, Poshn.
The company aims to address several challenges within the agricultural wholesale trade, including providing reliable distribution channels for suppliers in fragmented markets, efficient price and commodity discovery for buyers, and offering working capital solutions (credit) for suppliers.
Edited by Suman Singh