Poshn, an agritech platform for wholesale processed commodities distribution and financing, announced in a press release that it has raised $3.8 million (Rs 28.8 crore) in a seed fundraising round headed by Prime Venture Partners with participation from Zephyr Peacock. The startup plans to use the new funds to expand and hire across engineering and business functions.
Poshn, a procurement platform for bulk processed commodities, was founded in 2020 by Shashank Singh and Bhuvnesh Gupta in a severely fragmented agri supply chain sector. By making wholesale trading smooth, the company hopes to organise the agri-supply chain. It provides complete stack services for commodity wholesale trading, allowing wholesale purchasers to buy from millers and stockists. It also helps buyers and sellers with logistics and provides a variety of payment options.
The firm has collaborated with over 100 wholesalers in the ecommerce, contemporary trade, and general trade sectors, and has achieved widespread adoption.
“Poshn has experienced a 20x increase in the last eight months and plans to grow at a rate of 25% month over month (MoM) for the next year,” the business claimed.