Business-to-consumer fresh produce food-tech platform Pluckk is set to raise ₹85 crore (approximately $10 million) in its Series A funding round from Euro Gulf Investment.
This marks the Mumbai-based company’s first significant fundraise in three years. The company is also backed by actress Kareena Kapoor.
According to regulatory filings accessed from the Registrar of Companies, Pluckk’s board has approved a special resolution to issue 3,023 Series A compulsory convertible preference shares at an issue price of ₹2,81,383 each, raising a total of ₹85 crore ($10 million).
The fresh capital will be used for expansion, interest payment on debentures, and other corporate purposes.
Founded in 2021 by Pratik Gupta, Pluckk is a farm-to-fork platform delivering fresh, lifestyle-focused produce to consumers.
It offers trendy food categories, including vegan options, carb alternatives, and products for gut health and immunity.
The company is targeting ₹200 crore in annual recurring revenue (ARR) for the current fiscal year.
In FY24 (ending March 2024), Pluckk recorded ₹42.8 crore in revenue, a 25.6% year-on-year growth from ₹34 crore in FY23, though it also reported a ₹41.03 crore loss.
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Pluckk faces competition from Gourmet Garden, Kisankonnect, and Otipy. Meanwhile, its major rivals, Deep Rooted and Fraazo, shut down operations despite raising substantial funding.
Before this round, Pluckk raised $5 million in seed funding from Exponentia Ventures.
It later acquired DIY meal kit platform KOOK for $1.3 million and, last year, nutrition brand Upnourish for $1.4 million.
