Fresh produce food-tech venture, PLUCKK (A brand owned by Fruveggiie Tech Pvt limited) has raised $5 million in seed capital in a funding round from Exponential Ventures, a fund focused on emerging business ideas in both B2C and B2B space.
Founded in 2021 by Pratik Gupta, Pluckk aims to build India’s first digital commerce business to serve the growing demand for lifestyle-oriented fresh produce. The company’s proposition is centered on global food trends ranging from vegan, carb alternatives, gut health, and immunity to plant-forward eating to prevent diabetes and mental health.
This round of funding will be utilized towards building the right team, technology, farm-to-fork infrastructure, customer acquisition, and expansion into key metro cities. A part of this fund will also be utilized to acquire Indus Fresh – an existing player in the fresh FnV category serving both B2C and B2B customers like Flipkart, Amazon, Swiggy, Dunzo, and Zepto.
Pratik Gupta, CEO, and Co-Founder of PLUCKK, said, “The biggest consumer revolution we are witnessing today is that consumers not only want to enjoy eating but are also increasingly very careful on what they eat. Pluckk aims to be the brand of choice by providing the widest curated range of such lifestyle-oriented fresh produce. At the core Pluckk will work with farmers through its bespoke win-win program that focuses on-farm practices to ensure residue free and traceable produce.”
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With this fresh funding, the products and services of PLUCKK will now also be made available to a wider set of consumers in key metro cities such as Bangalore & Mumbai (further expansion plans to Gurugram, Pune, Hyderabad) on its direct-to-consumer (D2C) platform as well as through leading ecommerce platforms under its brand name.
On the firm’s third investment, Alok Gupta, Partner, Exponentia Ventures, said, “Our commitment continues to invest in ideas that connect with the emerging ecosystem. In Pluckk, we find an agile business team with execution focus and leveraging a deep customer insight which can scale to millions of customers.”
The Indian online grocery market size is currently valued at $4 billion growing at a compound annual growth rate (CAGR) of 37 percent and is expected to grow 10X touching $40 bn in the next 7 years. Of the total grocery market, fruits and vegetables account for 15-20 percent of the market size, Pluckk aims to gain a higher single-digit share of this market in the next 3-5 years.
