India-based agri-trading platform Poshn raised USD 3.8 million (INR 29 crore) in a seed funding round. The round took place on April 27, 2022. Prime Venture Partners, with participation from Zephyr Peacock, led the financing for Poshn.
Purpose of Funding for Poshn
With the latest capital, Poshn will fund its expansion and future growth. The startup will use the fresh capital to grow further and hire across tech and business operations.
The agritech platform recorded 20 times growth in the past eight months. Moreover, it aims to grow at 25 per cent on a month-on-month (MoM) basis over the next year.
What the founders have to say
Shashank Singh, the co-founder of Poshn, said, “The initial customer traction we have achieved in a short time reinforces our belief in the agritech space. Poshn is on a mission to make wholesale trade efficient, effective and seamless.”
“We see a huge opportunity in the processed agri space as well as the wholesale procurement sector as it has hardly seen any innovation in the past. We are delighted to partner with Prime and Zephyr in this journey and bring about the much-required digital transformation in the agri-supply chain,” he further added.
In addition, Bhuvnesh Gupta, co-founder of Poshn, said, “We resolve two of the greatest pain points for wholesale buyers and sellers; working capital and distribution. With payment-on-deliveries and best-in-class verified buyers, Poshn delivers hassle-free business growth to our sellers and is on a journey to be the most liquid commodity exchange. We believe that technology can solve many of the sector’s challenges. Our team is excited to have Prime and Zephyr on this journey with us.”
What the investors have to say
Amit Somani, the managing partner at Prime Venture Partners, said, “Poshn is at the very beginning of a huge trend of making the agri-trade supply chain effective and efficient. The company is also solving the financial needs of various stakeholders and has frugally scaled its way to meaningful traction. We at Prime are delighted to back two missionary founders solving a huge and meaningful problem in Agri-trade.”
“Over the past few years, we have seen micro and small entrepreneurs increasingly use tech solutions to improve sales, accounting, fulfilment, 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,” added Pankaj Raina, managing director at Zephyr Peacock.
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