Mumbai-based Pluckk, a fresh produce foodtech startup, today announced it has raised $5 million or Rs 37 crore in a Seed funding round to build the team and expand its presence in key metro cities.
Exponentia Ventures, a fund focussed on emerging business ideas in both B2C and B2B space, led the new round. The startup, which was launched in 2021 by Pratik Gupta, is aiming to build India’s first digital commerce business to serve the growing demand for lifestyle-oriented fresh produce.
Pluckk works on a ‘farm-to-table’ concept. The startup’s proposition is centered on global food trends ranging from vegan, carb alternatives, gut health, immunity to plant-forward eating to prevent diabetes and mental health.
With this round of investment, The foodtech startup will focus on building the team, technology, farm to fork infrastructure, customer acquisition, and expansion into key metro cities. Besides this, some part of the funds will also be utilized to acquire Indus Fresh – an existing player in the fresh FnV category serving both B2C and B2B customers like Flipkart, Amazon, Swiggy, Dunzo, and Zepto,” the company said.
Additionally, The funding will also enable the startup to expand its offerings to a wider set of consumers in key metro cities such as Bangalore and Mumbai (further expansion plans to Gurugram, Pune, Hyderabad) through its direct-to-consumer (D2C) and leading e-commerce platforms.
“The biggest consumer revolution we are witnessing today is that consumers not only want to enjoy eating but are also increasingly very careful on what they eat,” Pratik Gupta, CEO & Co-founder, said.
“Pluckk aims to be the brand of choice by providing the widest curated range of such lifestyle-oriented fresh produce. At the core Pluckk will work with farmers through its bespoke win-win program that focuses on-farm practices to ensure residue-free and traceable produce,” Pratik adds.
Speaking on the investment, Alok Gupta, Partner at Exponentia Ventures, said, “Our commitment continues to invest in ideas that connect with the emerging ecosystem. In Pluckk, we find an agile business team with an execution focus and leveraging a deep customer insight which can scale to millions of customers.”
According to the company’s statement, The Indian online grocery market size is currently valued at US$4 billion growing at a compound annual growth rate (CAGR) of 37%, and is expected to grow by 10X in the next 7 years.
The company says, Of the total grocery market, fruits and vegetables account for 15-20% of the market size, Pluckk aims to gain a higher single-digit share of this market in the next 3-5 years.