08th May 2024 – Foodtech startup Poshn has raised $4 million in its pre-Series A round, with $2 million in debt led by Prime Venture Partners and Zephyr Peacock India. This adds to the $4 million raised earlier in 2022 in a seed round from the same investors, along with partnerships with Banks & NBFCs like ICICI Bank, Alteria Capital, UCIC, and others for debt requirements.
Poshn, founded in 2020 by Bhuvensh Gupta and Shashank Singh, utilizes AI models to streamline wholesale buying and selling of commodities in a fragmented processed commodity trade market. With plans to expand globally into Southeast Asian and Middle Eastern countries, the funds will also bolster its solutions to address system gaps.
Although Poshn doesn’t face direct competitors, it competes in specific segments such as Zetwerk, Infra.Market, and Fashinza. Claiming six-fold revenue growth from FY22 to FY24, the startup has established a presence in over 16 Indian states.
Conclusion
Poshn’s successful funding round and expansion plans highlight its trajectory in the foodtech industry. With innovative AI-driven solutions and strategic partnerships, the startup is well-positioned for further growth and market penetration, both domestically and internationally.
Source:Link
