Pluckk, a fresh produce food-tech venture owned by Fruveggiie Tech Pvt Limited, has raised $5 million in seed capital from Exponentia Ventures, a fund focused on emerging B2C and B2B business ideas.
Pratik Gupta founded Pluckk in 2021 with the goal of creating India’s first digital commerce business to meet the growing demand for lifestyle-oriented fresh produce. The company’s proposition revolves around global food trends such as veganism, carb alternatives, gut health, immunity, and plant-forward eating to prevent diabetes and mental health.
“This round of funding will be utilised towards building the right team, technology, farm to fork infrastructure, customer acquisition and expansion into key metro cities. A part of this fund will also be utilized to acquire Indus Fresh – an existing player in the fresh FnV category serving both B2C and B2B customers like Flipkart, Amazon, Swiggy, Dunzo and Zepto,” the company said in a release.
Pratik Gupta, CEO and co-founder, said “The biggest consumer revolution we are witnessing today is that consumers not only want to enjoy eating but are also increasingly very careful on what they eat. Pluckk aims to be the brand of choice by providing the widest curated range of such lifestyle-oriented fresh produce. At the core Pluckk will work with farmers through its bespoke win-win program that focuses on farm practices to ensure residue free and traceable produce.”
With this new funding, Pluckk’s products and services will now be available to a broader set of consumers in key metro cities such as Bangalore and Mumbai (with plans to expand to Gurugram, Pune, and Hyderabad) via its direct-to-consumer platform as well as leading e-commerce platforms under its brand name.
On the firm’s third investment, Alok Gupta, partner, Exponentia Ventures, said, “Our commitment continues to invest in ideas that connect with the emerging ecosystem. In Pluckk, we find an agile business team with execution focus and leveraging a deep customer insight which can scale to millions of customers.”
The Indian online grocery market is currently valued at USD 4 billion, growing at a compound annual growth rate (CAGR) of 37%, and is expected to grow 10X in the next seven years, reaching $0 billion. According to the release, fruits and vegetables account for 15-20% of the total grocery market, and Pluckk aims to gain a higher single-digit share of this market in the next 3-5 years.
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