Foodtech startup Poshn raises $4 Mn in pre-Series A round

Foodtech startup Poshn has raised $4 million in its pre-Series A round, including $2 million in debt led by Prime Venture Partners and Zephyr Peacock India. 

Earlier in 2022, the startup had raised  $4 million in a seed round from Prime Venture Partner and Zephyr Peacock. Additionally, it has partnered with Banks & NBFCs for its debt requirements. Some notable names include ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave.

The fresh proceeds will be used to build further its stack of solutions that address the gaps in the system. Besides, it will use the funds to expand the business to global markets with imports and exports in Southeast Asian and Middle Eastern countries.

Founded in 2020 by Bhuvensh Gupta and Shashank Singh, Poshn leverages proprietary AI models to provide a single platform for wholesale buying and selling of commodities in a highly fragmented processed commodity trade market. 

The company does not have direct competitors, but competes in specific segments such as Zetwerk (manufacturing), Infra.Market (construction), and Fashinza (apparels). 

The firm’s revenue claims to have grown six-fold from FY22 to FY24. Since its inception, the startup has marked a presence in more than 16 states in India.