Pluckk Set to Raise Rs 85 Crore in Series A Funding

Pluckk, a business-to-consumer fresh produce food-tech platform, is poised to secure Rs 85 crore (about $10 million) in its Series A funding round, with participation from Euro Gulf Investment. This funding signifies the first major financial boost for the Mumbai-based company after a span of three years.

The board of Pluckk has approved a resolution to issue 3,023 Series A compulsory convertible preference shares, priced at Rs 2,81,383 each, to achieve the targeted Rs 85 crore or $10 million. This information has been disclosed through regulatory filings obtained from the Registrar of Companies.

According to the filings, the fresh capital will be allocated to drive aggressive growth strategies, cover interest payments on debentures, and support other corporate needs. Based on Startup Superb’s calculations, the company’s valuation is expected to reach approximately $50-55 million following this funding round.

About Pluckk

Founded in 2021 by Pratik Gupta, Pluckk operates as a farm-to-fork platform, delivering fresh, health-oriented produce straight to consumers. The company includes a variety of trendy food offerings such as vegan options, low-carb alternatives, and products aimed at enhancing gut health and immunity.

Previous Funding and Acquisitions

Prior to this funding round, Pluckk raised $5 million in seed funding from Exponentia Ventures. Subsequently, the company acquired the DIY meal kit platform KOOK for $1.3 million and later, in the previous year, it purchased the nutrition brand Upnourish for $1.4 million.

Financial Performance

Pluckk is aiming for an annual recurring revenue (ARR) of Rs 200 crore for the present fiscal year. In the fiscal year ending March 2024, the company reported a 25.6% year-on-year growth, achieving Rs 42.8 crore compared to Rs 34 crore in FY23, despite incurring a loss of Rs 41.03 crore.

Competitive Landscape

In the competitive landscape, Pluckk contends with companies like Gourmet Garden, Kisankonnect, and, to a lesser extent, Otipy. Major competitors such as Deep Rooted and Fraazo have exited the market after raising significant investments. This development was reported exclusively by Startup Superb.