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

EntrackrEntrackr · 5m 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.

Foodtech startup Fambo raises Rs 21 Cr in pre-Series A funding

EntrackrEntrackr · 7m ago
Foodtech startup Fambo raises Rs 21 Cr in pre-Series A funding
Medial

Foodtech startup Fambo has raised Rs 21 crore ($2.5 million) in a pre-Series A funding round led by EV2 Ventures, with participation from Rajesh Sawhney and several Ultra High Net Worth Individuals (UHNIs). The proceeds will be utilized to scale its operations across India, establish an export vertical, invest in technology, and grow its network of partner farms, Fambo said in a press release. Co-founded in 2022 by Akshay Tripathi and Sudarshan Satle, Fambo is a foodtech startup aiming to transform food systems through technology. With its AI-enabled platform, the company ensures traceability of fresh produce from farms to restaurants, adhering to food safety standards such as GAP, FSSAI, ISO, and NSF. The company’s product portfolio includes fresh produce, sauces, gravies, frozen items, and fried products, catering to diverse customer needs. The Noida-based startup connects farmers directly with restaurants, hotels, and cloud kitchens through its AI-enabled platform, ensuring fresh produce, minimizing waste, and maintaining quality. The company operates a state-of-the-art micro-processing center, offering semi-processed food items to help food service businesses reduce costs, ensure consistency, and streamline operations.

Bio-tech startup PeelON raises $1 Mn in seed round led by growX Ventures

EntrackrEntrackr · 9d ago
Bio-tech startup PeelON raises $1 Mn in seed round led by growX Ventures
Medial

Bio-tech startup PeelON raises $1 Mn in seed round led by growX Ventures PeelON, a bio-tech startup specialising in biodegradable, compostable packaging for fresh produce, has raised $1 million in a seed funding round led by deep-tech-focused VC firm growX Ventures along with participation from Boston Venture Group, Clean Energy Venture Group, and Climate Angels. The proceeds will be deployed to expand R&D and production facilities in Visakhapatnam, hire across sales (USA and India), R&D, and regulatory compliance, and launch marketing campaigns, PeelON said in a press release. Co-founded in 2020 by Taraka Ramji Moturu and Venkata Ravi Sankar Ummidi, PeelON develops plant-based films that extend the shelf life of fruits and vegetables by up to 3x. It operates on a B2B model, working with farmers, exporters, and retailers to eliminate single-use plastics at every stage of the fresh produce supply chain. According to PeelON, it offers two flagship products, engineered to address the respective pain points of bulk shipments and retail products. While its first product PeelON-Fresh offers liners for bulk shipments, its second product PeelON-Retail+ offers retail-ready bags with natural antimicrobial agents and ethylene scavengers to maintain freshness and reduce food spoilage. PeelON’s solutions are being commercially deployed across crops such as cilantro, broccoli, leafy greens, rambutan, and banana, with clients in Maharashtra and Andhra Pradesh in India, as well as in Texas, Florida, and California in the US. The company also has active collaborations with universities and compostable materials labs in the USA and India to expand its solutions to other items. The company plans to expand production capacity in India and the US, become the go-to packaging solution for sustainable exporters in India, Mexico, and Southeast Asia, and launch retail compostable packaging formats in the US and Canadian markets. It also aims to pilot a blockchain-enabled traceability platform for carbon and shelf-life validation.

Aeravti Ventures leads $1 Mn round in Origin Fresh

EntrackrEntrackr · 7m ago
Aeravti Ventures leads $1 Mn round in Origin Fresh
Medial

Snippets Aeravti Ventures leads $1 Mn round in Origin Fresh Fresh produce brand Origin Fresh has secured $1 million in a pre-seed funding round led by Aeravti Ventures, with participation from a group of Ultra HNIs. New Update Fresh produce brand Origin Fresh has secured $1 million in a pre-seed funding round led by Aeravti Ventures, with participation from a group of Ultra HNIs. The fresh funds will be utilized to enhance the delivery network and support the development of cutting-edge infrastructure, Origin Fresh said in a press release. Co-founded in 2020 by Prashanth Vasan and Sidharth Raveendran, Origin Fresh delivers farm-fresh, untouched produce directly to customers' doorsteps, eliminating middlemen to offer unbeatable prices and uncompromising quality. The startup is committed to encouraging consumers to prioritize freshness and quality over speed, fostering a thoughtful approach to meal planning and healthy living. According to the Bengaluru-based company, by delivering farm-fresh, high-quality produce, it aims to enhance culinary experiences and promote overall well-being, inspiring a movement that celebrates the richness and nourishment of fresh produce. The brand promises delivery from farm to home within 12 hours. Origin Fresh claims that it has surpassed 5,000 orders within the first 40 days of launch, with over 60% of customers placing repeat orders within two weeks. The company has earned strong trust for its quality and freshness. It focuses exclusively on fresh produce and has carved a niche among health-conscious consumers, boasting an extensive catalog of over 250 items, including a wide range of exotic options.

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