Poshn Launches Poshn Nucleus Platform to Simplify Food and Agro Commodity Distribution
- ByStartupStory | June 17, 2023
Poshn, a prominent player in the food and agriculture value chain, has unveiled its latest platform, Poshn Nucleus, aimed at streamlining the procurement process for buyers and fulfilment partners. The company anticipates onboarding over three lakh wholesale SME sellers onto the platform within the next year, with already 300+ sellers having participated in the successful pilot stage.
Poshn Nucleus acts as a matching platform, connecting buyers’ procurement demands with the most suitable fulfilment partner. The platform primarily caters to wholesale purchasers and processors of food and agro commodities. By leveraging advanced algorithms, machine learning, data, and analytics, Poshn Nucleus provides specific recommendations to buyers, ensuring they obtain the best quality products at the most competitive prices and with efficient delivery.
Shashank Singh, Co-founder of Poshn, expressed the importance of simplifying the distribution process in an increasingly complex value chain, stating, “We are confident that this technology will transform the $800 billion food and agro trading industry by simplifying these processes.” He also highlighted that Poshn Nucleus allows the company to have full control of the value chain without the need for an inventory-heavy model, facilitating seamless expansion across geographies and commodities.
Poshn, established in 2020 as a part-time project by Singh and Bhuvnesh Gupta, an alumni of XLRI, is an agri-trading platform for wholesale processed commodity distribution and financing. Since its official launch in June 2021, the company has raised approximately $4.5 million in seed funding from Prime Ventures and Zephyr Peacock. The proprietary technology employed by Poshn Nucleus enables reverse auctioning, order processing, logistics optimization, and payment processing, resulting in enhanced efficiency throughout the supply chain.
Ashirvad Singh, the Head of Technology at Poshn and the mastermind behind Poshn Nucleus, emphasized the platform’s highly modular, open, and scalable digital ecosystem for food and agro commodities distribution. He revealed that the company is exploring the use of blockchain technology to ensure accountability and traceability, addressing slippage and losses.
Poshn Nucleus stands out from other solutions available in the market due to its unique feature of reverse auctioning, enabling multiple fulfilment partners to bid for specific procurement requests. This fosters a competitive environment, ensuring buyers obtain the best possible price for their requirements.
Bhuvnesh Gupta, Co-founder of Poshn, credited the company’s success to its focus on addressing key issues in the sector and in-depth industry knowledge, which has allowed them to create a unique SME tech platform.
The launch of Poshn Nucleus marks a significant milestone for Poshn as it continues to revolutionize the food and agro commodity distribution industry, offering efficient and tailored solutions to buyers and sellers alike.
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