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Pluckk raises $5mn seed capital from Exponentia Ventures
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Thursday, 20 January, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Fresh produce food-tech venture, Pluckk (A brand owned by Fruveggiie Tech Pvt limited), raises $5 million seed capital in a funding round, from Exponentia Ventures, a fund focussed on emerging business ideas in both B2C and B2B space.
Founded in 2021, by Pratik Gupta, the company aims to build India’s first digital commerce business to serve the growing demand of lifestyle-oriented fresh produce. The company’s proposition is cantered on global food trends ranging from vegan, carb alternatives, gut health, immunity to plant-forward eating to prevent diabetes and mental health.
This round of funding will be utilised towards building the right team, technology, farm to fork infrastructure, customer acquisition and expansion into key metro cities. A part of this fund will also be utilised to acquire Indus Fresh – an existing player, serving both B2C and B2B customers like Flipkart, Amazon, Swiggy, Dunzo and Zepto.
Gupta said, “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. 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.”
With this fresh funding, the products and services will now also be made available to a wider set of consumers in key metro cities such as Bengaluru and Mumbai (further expansion plans to Gurugram, Pune, Hyderabad) on its direct-to-consumer (D2C) platform as well as through leading ecommerce platforms under its brand name.
On the firm’s third investment, Alok Gupta, partner, 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 execution focus and leveraging a deep customer insight which can scale to millions of customers.”
The Indian online grocery market size is currently valued at $4 billion growing at a compound annual growth rate (CAGR) of 37% and is expected to grow 10X touching $40 billion in the next 7 years. Of the total grocery market, fruits and vegetables account for 15-20% of the market size, the company aims to gain a higher single-digit share of this market in the next 3-5 years.
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