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Kareena Kapoor-backed Pluckk to raise $10 Mn in Series A

EntrackrEntrackr · 9m ago
Kareena Kapoor-backed Pluckk to raise $10 Mn in Series A
Medial

Pluckk competes with Gourmet Garden, Kisankonnect, and, to some extent, Otipy. Its major competitors, Deep Rooted and Fraazo, shut down their operations after raising a sizeable amount. Business-to-consumer fresh produce food-tech platform Pluckk is all set to raise Rs 85 crore (approximately $10 million) in its Series A funding round from Euro Gulf Investment. This marks the Mumbai-based company's first notable fundraising after a three-year hiatus. The board at Pluckk 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 to raise Rs 85 crore or $10 million, its regulatory filings accessed from the Registrar of Companies show. The filings further added that the fresh proceeds will be used for aggressive growth, interest payment on debentures, and other corporate purposes. According to Entrackr’s estimates, the company will be valued at around $50-55 million post-allotment. Founded in 2021 by Pratik Gupta, Pluckk is a farm-to-fork platform that delivers fresh, lifestyle-focused produce to consumers. It also offers trendy food options like vegan choices, carb alternatives, and items for gut health and immunity. Before this round, the company had secured $5 million in seed funding from Exponentia Ventures. Following that, it acquired the DIY meal kit platform KOOK for $1.3 million. Last year, Pluckk acquired the nutrition brand Upnourish for $1.4 million. The Mumbai-based company is targeting a Rs 200 crore ARR for the current fiscal year. In the fiscal year ending March 2024, it experienced a 25.6% year-on-year growth to Rs 42.8 crore, compared to Rs 34 crore in FY23, with a loss of Rs 41.03 crore.

Urban Harvest acquires gourmet food brand Cocosutra

EntrackrEntrackr · 5d ago
Urban Harvest acquires gourmet food brand Cocosutra
Medial

Urban Harvest acquires gourmet food brand Cocosutra B2B fresh-produce and food supply startup Urban Harvest has acquired premium gourmet food brand Cocosutra in a Rs 2.5 crore all-cash transaction, aiming to expand into value-added food categories and strengthen its presence within the restaurant and HoReCa segment. The acquisition adds gourmet, high-margin products to Urban Harvest’s portfolio, leveraging its existing restaurant demand base for rapid scaling. Urban Harvest stated that the integration is already progressing, with complete consolidation of systems, teams, and operations expected within the next two months. Founded as a gourmet food brand, Cocosutra operates in the premium packaged food segment. Post-acquisition, Urban Harvest plans to enhance Cocosutra by expanding distribution, optimizing price competitiveness via supply chain efficiencies, and improving unit economics with its existing procurement and logistics network. Urban Harvest reported that Cocosutra’s business has experienced a threefold growth since the acquisition process commenced, benefiting from access to a broader customer base and enhanced backend operations. The company anticipates Cocosutra to evolve into a Rs 100 crore revenue brand within 24 months, aided by Urban Harvest’s restaurant relationships and B2B distribution infrastructure. Urban Harvest functions as a B2B supplier of fresh produce and food products to restaurants, cloud kitchens, and foodservice businesses. The company did not mention any changes to Cocosutra’s brand positioning, confirming that the brand will maintain its current identity while being fully integrated into Urban Harvest’s platform.

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