Business-to-consumer fresh produce food-tech platform Pluckk is all set to raise Rs 85 crore (approximately $10 million) in its Series A funding round from Euro Gulf Investment. This marks the Mumbai-based company’s first notable fundraising after a three-year hiatus.
The board at Pluckk has passed a special resolution to issue 3,023 Series A compulsory convertible preference shares at an issue price of Rs 2,81,383 each to raise Rs 85 crore or $10 million, its regulatory filings accessed from the Registrar of Companies show.
The filings further added that the fresh proceeds will be used for aggressive growth, interest payment on debentures, and other corporate purposes. According to Entrackr’s estimates, the company will be valued at around $50-55 million post-allotment.
Founded in 2021 by Pratik Gupta, Pluckk is a farm-to-fork platform that delivers fresh, lifestyle-focused produce to consumers. It also offers trendy food options like vegan choices, carb alternatives, and items for gut health and immunity.
Before this round, the company had secured $5 million in seed funding from Exponentia Ventures. Following that, it acquired the DIY meal kit platform KOOK for $1.3 million. Last year, Pluckk acquired the nutrition brand Upnourish for $1.4 million.
The Mumbai-based company is targeting a Rs 200 crore ARR for the current fiscal year. In the fiscal year ending March 2024, it experienced a 25.6% year-on-year growth to Rs 42.8 crore, compared to Rs 34 crore in FY23, with a loss of Rs 41.03 crore.
Pluckk competes with Gourmet Garden, Kisankonnect, and, to some extent, Otipy. Its major competitors, Deep Rooted and Fraazo, shut down their operations after raising a sizeable amount.
Pratima Gaikwad
Verified JournalistPratima Gaikwad is a seasoned brand consultant and an IIM alumna with over 7 years of experience in brand building, product launches, and driving business growth. As the co-founder of GreyGiant, she specializes in developing strategic marketing solutions that foster revenue growth, business expansion, and market leadership across diverse industries. Pratima's expertise empowers businesses to create lasting, impactful brands that stand out and thrive in a competitive landscape.