Pluckk to Raise Rs 100 Crore in New Funding Round for Fresh Produce

Pluckk, a business-to-consumer fresh produce platform, is preparing to secure Rs 100 crore (approximately $11 million) in a new funding round from its current investor, Euro Gulf Investment. This investment follows Euro Gulf Investments’ earlier contribution of $10 million in March last year, as reported exclusively by Startup Superb. However, the company has yet to publicly announce this new funding round.

The board at Pluckk has authorized a special resolution to issue 3,471 Series C CCPS at an issue price of Rs 2,88,112 each to generate the Rs 100 crore, or $11 million, as indicated by filings obtained from the Registrar of Companies. The documents revealed that the new capital will be allocated to fuel aggressive growth, pay interest on debentures, and address other corporate needs. According to estimates from Startup Superb, the company’s valuation is projected to reach approximately $58 million following this allotment.

About Pluckk and Its Offerings

Founded in 2021 by Pratik Gupta, Pluckk operates a farm-to-fork platform that delivers fresh, lifestyle-oriented produce directly to consumers. Pluckk features trendy food alternatives, with options that include vegan products, low-carb choices, and items promoting gut health and immunity.

Past Funding and Acquisitions

Before this funding round, Pluckk had already raised a total of $15 million, including $5 million in seed funding from Exponentia Ventures. Following that, the company acquired the DIY meal kit platform KOOK for $1.3 million. Additionally, last year, Pluckk purchased the nutrition brand Upnourish for $1.4 million.

Financial Performance

For the fiscal year ending March 2025, the Mumbai-based company’s revenue surged to Rs 85 crore, but losses also increased to Rs 55 crore in the most recent fiscal year, up from Rs 41 crore in FY24.

Market Competition and Challenges

In the online fresh produce segment, Pluckk finds itself competing with players such as Gourmet Garden and Kisankonnect. Simultaneously, the market has seen some funded startups, such as Otipy, Deep Rooted, and Fraazo, exiting despite significant capital raised, highlighting the difficulties of scaling within this industry.