FoodTech Pluckk Platform Raises $5M in Seed Funding from Exponentia Ventures

A fresh produce food tech company, Pluckk has raised US$5 million (about Rs 37 crore) in seed capital in a funding round from Exponentia Ventures, a fund focused on emerging business ideas in the B2C and B2B spaces, the company announced on Wednesday.

Founded in 2021 by Pratik Gupta, Pluckk aims to create India’s first digital commerce company to meet the growing demand for lifestyle-oriented fresh produce, he said.

The company’s proposition centers on global food trends ranging from vegan, carbohydrate alternatives, gut health, immunity to plant-based diets to prevent diabetes and mental health.

“This round of funding will be used to build the right team, technology, farm-to-fork infrastructure, customer acquisition and expansion in major metropolitan cities,” the company said in a statement. .

Part of this fund will also be used to acquire Indus Fresh – an existing player in the new FnV category serving both B2C and B2B customers like Flipkart, Amazon, Swiggy, Dunzo and Zepto, he said without giving details. details.

Pratik Gupta, CEO and Co-Founder of Pluckk, said, “The biggest consumer revolution we are witnessing today is that consumers not only want to enjoy eating, but are also paying more and more attention to what they eat. they eat. Pluckk aims to be the brand of choice by offering the widest range of lifestyle-focused fresh produce. agricultural practices to ensure residue-free and traceable products. ”With this new funding, Pluckk’s products and services will now also be made available to a wider set of consumers in key metropolitan cities such as Bangalore and Mumbai (new expansion plans in Gurugram, Pune, Hyderabad) on its direct-to-consumer (D2C) platform as well as through leading e-commerce platforms under its brand.

Regarding the company’s third investment, Exponentia Ventures Partner Alok Gupta said, “Our commitment continues to invest in ideas that connect to the emerging ecosystem. At Pluckk, we find an agile sales team focused on execution and leveraging deep customer insights that can scale to millions of customers. “The Indian online grocery market size is currently valued at $4 billion, growing at a compound annual growth rate (CAGR) of 37% and is expected to grow 10x to reach $40 billion in over the next seven years. Of the total grocery market, fruits and vegetables represent 15-20% of the market size, Pluckk aims to gain a higher single-digit share of this market over the next 3-5 years.

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