Poshn Raises $4M in Pre-Series A Funding to Revolutionize Food Supply Chain
- ByStartupStory | May 6, 2024
Poshn, a dynamic food-tech startup, has secured a substantial $4 million in equity and an additional $2 million in debt during its pre-Series A funding round. The investment was spearheaded by Prime Venture Partners and Zephyr Peacock India, underscoring growing confidence in Poshn’s innovative approach to streamlining the unorganized food ecosystem.
Founded in 2020 by Shashank Singh and Bhuvnesh Gupta, Poshn has quickly emerged as a trailblazer, utilizing a comprehensive, full-stack model to optimize food value chains across diverse sectors, including food processing units, wholesale buyers, institutions, general trade, and retailers.
The latest funding infusion brings Poshn’s total equity raised since inception to an impressive $8 million. The company intends to leverage this fresh capital to bolster its suite of groundbreaking solutions aimed at bridging critical gaps within the supply chain. Moreover, Poshn plans to expand its global footprint, targeting lucrative markets in Southeast Asia and the Middle East through strategic imports and exports.
Shashank Singh, Co-founder of Poshn, emphasized the company’s commitment to aggressive growth and international expansion, stating, “Poshn has already cemented its position in the wholesale segment over the last three years. With the trust of investing partners and infusion of fresh equity, we aggressively integrate forward and backward in the chain and open foreign/export markets over the next 12 months while growing profitably.”
Poshn’s remarkable journey has seen exponential revenue growth, soaring six-fold from FY22 to FY24, all while maintaining profitability—an accomplishment that sets Poshn apart within the startup landscape. The company currently operates across 16 states in India, having solidified its presence and reputation in the industry.
Reflecting on the strategic partnership, Mukul Gulati, Managing Partner at Zephyr Peacock India, expressed excitement about joining forces with Poshn: “Poshn is using technology to simplify and organize the fragmented food value chain in India. Both buyers and suppliers are adopting Poshn’s platform for convenient access to quality products at competitive prices. We are excited to partner with Shashank and Bhuvnesh.”
Prime Venture Partners echoed similar sentiments, highlighting Poshn’s focus on operational excellence and ROI. “Poshn has led by being a supply-first company and has meaningfully solved for the B2B food value chain. The company has always been bottom-line focused with a remarkable ROCE and wants to continue expanding that further by going deeper into the supply chain while also pursuing some full-stack vertical integrations,” stated a representative from Prime Venture Partners.
With a strategic vision to tackle the inefficiencies prevalent in the sprawling $800 billion food supply chain market, Poshn is poised to spearhead transformative change through technological innovation and operational excellence. The company’s relentless pursuit of efficiency and scale underscores its commitment to reshaping the future of food distribution on a global scale.
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