Pluckk, a business-to-consumer fresh produce food tech platform, is set to raise Rs 85 crore (approximately $10 million) in a Series A funding round led by Euro Gulf Investment. This is the Mumbai-based company's first significant fundraising effort after a three-year hiatus.
Pluckk's board 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, raising Rs 85 crore or $10 million, according to regulatory filings obtained from the Registrar of Companies.
The filings also stated that the new proceeds will be used for aggressive growth, debenture interest payments, and other corporate purposes. Entrackr estimates that the company will be valued between $50 and 55 million after the allotment.
Pratik Gupta founded Pluckk in 2021 as a farm-to-fork platform that provides consumers with fresh, lifestyle-focused produce. It also provides trendy food options such as vegan options, carb alternatives, and gut health and immunity supplements.
Prior to this round, the company had received $5 million in seed funding from Exponentia Ventures. Following that, it paid $1.3 million for the DIY meal kit platform KOOK. Last year, Pluckk paid $1.4 million for the nutrition brand Upnourish.
For the current fiscal year, the Mumbai-based company wants to reach an ARR of Rs 200 crore. With a loss of Rs 41.03 crore, it increased 25.6% year over year to Rs 42.8 crore in the fiscal year that ended in March 2024 from Rs 34 crore in FY23.
Pluckk competes with Gourmet Garden, Kisankonnect, and to a lesser extent, Otipy. Its main competitors, Deep Rooted and Fraazo, ceased operations after raising a significant sum. This development was reported exclusively by Entrackr.
