Pluckk, a fresh produce food-tech venture and a brand owned by Fruveggiie Technology Private Limited, has recently announced that it has raised an amount of USD 5 million as seed capital in a funding round from Exponentia Ventures, a fund focussed on emerging business ideas in both B2C and B2B space.
Pluckk was founded in 2021 by Pratik Gupta with an objective to build India’s first digital commerce business to serve the rising demand of lifestyle-oriented fresh produce. The company’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.
This round of funding is expected to be utilized towards building the right team, technology, farm to fork infrastructure, customer acquisition and expansion into key metro cities. A part of this fund would also be utilized towards the acquisition of Indus Fresh – an existing player, serving both B2C and B2B customers like Flipkart, Amazon, Swiggy, Dunzo and Zepto.
The Indian Online Grocery Market size is currently worth USD 4 billion and is growing at a compound annual growth rate (CAGR) of 37 percent. It is further expected to grow 10X touching USD 40 bn over the next 7 years. Of the total grocery market, fruits and vegetables account for 15-20 percent of the market size. Pluckk aims to gain a higher single-digit share of this market over the next 3-5 years.
Pratik Gupta commented – “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, Pluckk’s products and services will now be made available to a wider set of consumers in major 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 e-commerce platforms under its brand name.
Regarding the firm’s third investment, Alok Gupta, Partner, Exponentia Ventures, stated – “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.”