Poshn, an agritech platform, raised $3.8 million (Rs 28.8 crore) in a fundraising round headed by Prime Venture Partners, with Zephyr Peacock as a participant.
The startup intends to use the new funds to expand quickly and hire across both engineering and business divisions.
Poshn, a procurement platform for bulk processed commodities, was founded in 2020 by Shashank Singh and Bhuvnesh Gupta in a severely fragmented agri-supply chain sector. By making wholesale trading smooth, the company hopes to organise the supply chain.
The company provides services for commodity wholesale trading, allowing wholesale purchasers to purchase from millers and stockists. It also provides logistical assistance to buyers and sellers, as well as flexible payment options. It has over 100 wholesaler partners in ecommerce, contemporary trade, and general trade, and has seen rapid adoption throughout the supply chain.
“Poshn has reported 20 times growth in the past eight months and aims to grow at 25% month-on-month (MoM) over the next year,” the company said.
“We see a huge opportunity in the processed agri space as well as the wholesale procurement sector as it has hardly seen any innovation in the past,” said Shashank Singh, cofounder of Poshn.
“Poshn is at the very beginning of a huge trend of making the agri-trade supply chain effective and efficient. The company is also solving for the financial needs of various stakeholders and has frugally scaled its way to meaningful traction,” said Amit Somani, managing partner at Prime Venture Partners.
“Over the past few years, we have seen micro and small entrepreneurs increasingly use tech solutions to improve sales, accounting, fulfillment, and working capital management. We are encouraged by early platform adoption by buyers and suppliers. We believe the intersection of tech and credit can help Poshn emerge as a leader in B2B agri-commodity supply chain solutions,” said Pankaj Raina, managing director at Zephyr Peacock.
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