Exciting food alert- A food tech startup announced a funding of USD 5 million
New field! Technology entered here even! Food tech!!! Food +Technology= Foodtech. Another rising domain in the economy of the country is food tech.
Let us talk about the food tech industry. Defining food tech it can be called the ecosystem which is made up of all the agrifood entrepreneurs and startups. The lines of work in this domain include production to distribution, marketing, selling, and whatnot. The food-tech industry can also be referred to as the solutions and the processes that make the use of science and technology in order to create new types of food and beverages.
Some of the examples of food tech are- expansions undertaken by food applications, NFC Food Payments, Pizza Payment Sharing, Mind-Reading menus, Restaurant-Reserving applications, Culinary music applications, and whatnot. Now coming to the food tech industry in India, with the increase in usage of smartphones and the middle class, this sector is seeing a huge rise.
From the year 2011 to 2018, USD 10.8 billion has been invested in the Indian Foodtech industry, whereas in the same period France saw an investment of USD 688 million. The big four players in this industry are Flipkart, Swiggy, Big Basket, and Zomato, and these startups represent 93% of the global investments across the country.
India is at the second position in this sector, after China which holds the share of global investment of around 16%. Bengaluru, the city in India, is the place where maximum food-tech startups are given birth. According to a report which is published by Research and Markets, the food tech sector of India will be growing at a CAGR of 39% during the period of 2021 to 2025, and it is predicted the value of the sector at the end of the year 2025 will be INR 1869.19 billion. Some of the biggest venture capitalists that are helping the startups of this sector to grow are ah! Ventures, Lightbox, Accel, InnoVen Capital, and many others.
Let us now talk about the funding of a food tech startup that has taken place recently and is turning a lot of heads.
Announcement of funding of a food tech startup
The food tech startup, Pluckk, has raised funds worth USD 5 million, as announced on January 19, 2022. This round of funding that has taken place was the Seed round of funding and was led by Exponentia Ventures.
The startup plans to use the funds raised in building the right team, technology. The startup also has plans to look into whether the startup has the right infrastructure, customer acquisition, and finally geographically expanding into different and important metro cities like Mumbai, Gurugram, Pune, Hyderabad.
The startup even will be allocating a portion of funds into the acquisition of Indus Fresh, which has its existence in the fresh FnV category and is serving the needs of both B2C and B2B customers like Flipkart, Dunzo, Amazon, Swiggy, Zepto. The further details of this planning of acquisition have not been disclosed.
About the food tech startup that has announced its funding
The startup, Pluckk, was founded in the year 2021 by Pratik Gupta and has its headquarters in Bengaluru, the silicon valley of India. The startup is a team of seasoned pluckkers with an eye for the ripe, the consciously harvested, and the delicious. Everything a startup does is governed by what it calls “The Pluckk Promise”. Making a promise is a powerful way to remind the startup what is important and no shortcuts are to be made.
The Pluckk promise of the startup is central to the goal of the startup #EatGoodDoGreat. Every aspect of the Pluckk experience right from its sourcing principles, to its expert-driven picking and packing and the curation of produce, is aligned to help its customers make better lifestyle choices.
Some of the features provided by the startup are-
It pluckks from the source- Each order placed is pluckked fresh for the customers. The startup harvests on its own and partners farms only once the order has been placed.
It pluckks to shorten the supply chain- The startup makes sure to keep the promise of quality, fair pricing, and fresh deliveries by eliminating the middlemen.
It pluckks the clean- The startup goes an extra mile to ozone-wash its products so that it gets rid of their germs and any residue before they reach the doorstep of the customers.
It pluckks to put the customers on the path of health- The foundation of the selection of the startup is good health. Foods that boost immunity, preserve gut health and are low in carbs make up its conscious curation.
It pluckks to stay ahead- The startup shifts out the relevant and enduring from the trendy and short-lived so that the customer can constantly update his lifestyle for the better.
The startup with all its orders ensures-
100% money-back guarantee
Assured next day delivery
Multiple modes of easy payment
The aim of the startup is to ensure that it is able to build the first digital commerce business of the country, that is engaged in serving the growing demand of lifestyle-oriented fresh produce.
About Exponentia Ventures
With headquarters in Mumbai, Exponentia Ventures is a fund that has its focus on emerging ideas in both B2B and B2C segments. The venture fund is engaged in catalyzing sustainable growth. The portfolio of Exponentia Ventures consists of SpotOn Logistics Private Limited, Flight Stimulation Technique Centre Private Limited, Barbeque Nation Hospitality Limited, Easy Home Finance Limited, and R for Rabbit Baby Products Private Limited.
The startup is bringing something different to our unhealthy lifestyle. Something we all need! Something we all should adapt to! We need to realize with increasing urbanization, increasing the workload, our lifestyle is taking a negative turn. We need to come back to our basic lifestyle else life will take a serious turn for us!
We hope that the startup is able to continue its good work and achieve its aim and motives, and we wish the startup good luck and a healthy future ahead!
Edited and published by Ashlyn