Poshn, an agritech platform, has raised $3.8 million (Rs 28.8 crore) in a funding round led by Prime Venture Partners, with participation from Zephyr Peacock.
As per the startup, the freshly raised capital will be used to grow aggressively and hire across tech and business functions.
Poshn | Trade Agricultural Commodities Online
Founded by Shashank Singh and Bhuvnesh Gupta in 2020, Poshn is a digital network that enables buyers, sellers & agents of agricultural commodities to trade online.
The startup provides a procurement platform, especially for bulk processed commodities, in a highly fragmented agri-supply chain market. It empowers the producers, mandis, and wholesalers to take their stores online, thereby expanding their reach and giving them visibility.
Shashank Singh, Co-founder of Poshn, stated that Poshn sees a huge opportunity in the processed agri space and the wholesale procurement sector, as the space has hardly seen any innovation in the past.
Poshn aims to organise the supply chain by making wholesale trading seamless. It provides seamless discovery of and transactions for the wholesale agri-market, assisting buyers/sellers with logistics and offering flexible payment solutions.
Speaking about the development, Pankaj Raina, managing director at Zephyr Peacock, said,
“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.”
The agritech startup has partnered with more than 100 wholesalers across ecommerce, modern trade and general trade and has seen aggressive adoption across the supply chain. As per the startup, it has reported 20 times growth in the past eight months and aims to grow at 25% month-on-month (MoM) over the next year.
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