Mumbai-based fresh food startup Pluckk will raise Rs 100 crore (about $11 million) in a new funding round led by existing investor Euro Gulf Investment, signalling continued investor interest in India’s farm-to-fork and direct-to-consumer grocery sector amid ongoing consolidation and focused growth.
Deal details and valuation
Regulatory filings show Pluckk’s board approved issuance of 3,471 Series C Compulsorily Convertible Preference Shares (CCPS) priced at Rs 2,88,112 each, aggregating to Rs 100 crore. The infusion takes the company’s post-money valuation to roughly $58 million and reflects investor confidence in its differentiated fresh-produce and lifestyle food play.
Business model and expansion plans
Founded in 2021 by Pratik Gupta, Pluckk operates a tech-enabled farm-to-consumer model that supplies fresh fruits and vegetables while expanding into ready-to-eat and nutrition-focused categories aimed at urban, health-conscious customers. The startup combines direct sourcing with cold-chain and last-mile delivery to offer traceable, high-quality produce.
The new capital is slated for supply-chain strengthening, market expansion and servicing interest obligations on existing instruments. Management expects the funds to support deeper city-level penetration and enhance operational efficiencies across procurement, warehousing and delivery.
Acquisitions and prior funding
Pluckk has previously raised close to $15 million, with investors including Exponentia Ventures, and has used strategic acquisitions to broaden its portfolio. The company acquired meal-kit brand KOOK and nutrition-focused Upnourish, moves that expanded its offerings beyond core fruits and vegetables into convenient and health-oriented food segments.
Financial performance and competitive context
For the year ending March 2025, Pluckk reported revenue of about Rs 85 crore, roughly double the prior year, while losses widened to Rs 55 crore from around Rs 41 crore. This pattern—rapid top-line growth alongside elevated burn—is common in fresh commerce, where thin margins, fragmented sourcing and high customer acquisition costs make path-to-profitability challenging.
The broader farm-to-consumer and online grocery space has seen operational stress among funded players such as Otipy, Deep Rooted and Fraazo, even as others like Kisankonnect continue to compete by focusing on differentiation and unit economics. For Pluckk, sustaining growth will depend on improving margins, reducing acquisition costs and achieving scale in core markets.
Sector outlook
Investor interest remains steady in curated, tech-enabled fresh food platforms as consumer demand for healthier, traceable and convenient food increases. A willing segment of urban consumers is prepared to pay a premium for quality and reliability, creating opportunities for focused players that can deliver consistent supply and efficient logistics.
If Pluckk deploys the Rs 100 crore effectively—by strengthening supply chains, expanding targeted geographies and tightening unit economics—the company could progress toward a more sustainable scale in a sector that continues to test even well-funded startups. The latest round underscores persistent investor appetite for businesses that pair technology with disciplined execution in the fresh produce market.
