In its pre-Series A funding round, foodtech startup Poshn raised $4 million, with $2 million coming from debt backed by Prime Venture Partners and Zephyr Peacock India.
The startup had raised $4 million from Zephyr Peacock and Prime Venture Partner in a seed round earlier in 2022. For its debt needs, it has also partnered with banks and non-bank financial institutions. ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave are a few prominent names.
The additional funds will be utilized to expand the stack of solutions it has developed to fill in the gaps in the system. Additionally, the money will be used to grow the company’s export and import operations into nations in the Middle East and Southeast Asia.
Poshn, which was founded in 2020 by Bhuvensh Gupta and Shashank Singh, uses proprietary AI models to offer a single platform for the wholesale purchase and sale of commodities in a market for processed commodities that is extremely fragmented.
Although the company doesn’t directly compete with other companies, it does so in niche markets like manufacturing-focused Zetwerk, and construction-focused Infra.Market, and apparel-focused Fashinza.
According to the company, its revenue increased six-fold between FY22 and FY24. The startup has established a presence in over 16 Indian states since its founding.
