Mumbai-based fresh produce food-tech startup Pluckk has raised Rs 85 crore ($10 million) in its Series A funding round from Euro Gulf Investment. This marks its first significant fundraising in three years, fueling its expansion in India’s growing farm-to-fork sector.
The company’s board approved a special resolution to issue 3,023 Series A compulsory convertible preference shares at Rs 2,81,383 per share, as per regulatory filings accessed from the Registrar of Companies. The funds will be allocated for aggressive growth, interest payments on debentures, and corporate expansion. Following this funding, Pluckk’s valuation is estimated to be between $50-55 million.
Founded in 2021 by Pratik Gupta, Pluckk focuses on fresh, lifestyle-based produce, including vegan options, carb alternatives, and immunity-boosting foods. The company had earlier secured $5 million in seed funding from Exponentia Ventures and later acquired KOOK for $1.3 million and Upnourish for $1.4 million.
Pluckk aims to reach Rs 200 crore ARR this fiscal year. In FY24, its revenue grew 25.6% YoY to Rs 42.8 crore, despite a Rs 41.03 crore loss. Competing with Gourmet Garden, Kisankonnect, and Otipy, it has survived while rivals Deep Rooted and Fraazo shut down despite heavy investments.
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