Poshn Raises INR28.8 Crore In Seed Funding Led By Prime Venture Partners Funds will be utilized to aggressively grow and hire across tech and business functions
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Poshn on Wednesday announced to have raised INR28.8 crore in seed funding led by Prime Venture Partners and participation from Zephyr Peacock. Poshn provides a seamless and efficient procurement platform especially for bulk processed commodities in a highly fragmented agri supply chain market. Funds will be utilized to aggressively grow and hire across tech and business functions.
Poshn makes wholesale procurement seamless and gives the buyers a one-window shop to get the best prices from an array of suppliers and the trust to ensure assured and hassle free deliveries. Poshn is addressing the challenges faced by hundreds and thousands of food processing units and more than two million wholesale buyers. The platform adds a layer of trust by bringing in transparent pricing, quality check, on-time delivery, and providing working capital financing wherever required. By removing the working capital constraints for the buyers, Poshn helps them to procure more and increase their turnover. At the same time, sellers are able to expand their network and reach more buyers via the Poshn platform, thereby increasing their business.
Agriculture's contribution to India's gross value added is approximately 20 per cent. Over 55 per cent of the population depends on agriculture for their livelihood. A value pool will be created in agri-logistics, offtake and agri-input delivery of approximately $35 billion by 2025, according to a report by Bain and Company.
The startup has partnered with over 100 wholesalers across ecommerce, modern trade, general trade and has seen an aggressive adoption from across the supply chain. Poshn has reported a 20 times growth in the last eight months and aims to grow at 25 per cent month-on-month over the next one year. The startup will use the fresh capital to. Founded in 2020 by Shashank Singh and Bhuvnesh Gupta, Poshn is a platform that takes a product-first approach towards solving the complex problems in B2B agritrade. The company aims to organize the agri-supply chain by making wholesale trading seamless. It offers full stack services for the wholesale trading of commodities where wholesale buyers can purchase from millers and stockists.
