Poshn raises $3.8 million

In its recent fundraising round, Agritech platform Poshn has raised $3.8 million (Rs 28.8 crore). The latest round of funding was led by Prime Venture Partners. It also witnessed the participation of Zephyr Peacock. The agriculture startup intends to utilize the raised capital to fuel its growth and hire across tech and business functions. Poshn was founded by Shashank Singh and Bhuvnesh Gupta in the year 2020. After the successful fundraising round, the cofounder of the agriculture startup, Shashank Singh, said, “Poshn has reported 20 times growth in the past eight months and aims to grow at 25% month-on-month (MoM) over the next year. We see a huge opportunity in the processed Agri space as well as the wholesale procurement sector as it has hardly seen any innovation in the past.”

The agriculture startup offers a procurement platform, especially for bulk processed commodities, in a highly fragmented agri-supply chain market. Poshn plans to organize the supply chain by making seamless wholesale trading. Managing partner at Prime Venture Partners, Amit Somani, commented, “Poshn is at the very beginning of a huge trend of making the agri-trade supply chain effective and efficient. The company is also solving for the financial needs of various stakeholders and has frugally scaled its way to meaningful traction.”