New Delhi [India], June 21 : Agritech startup Superplum said on Monday it has completed pre-series A investment round of funding, raising 6.8 million dollars (about Rs 50 crore) since its inception in 2019.
The fresh capital is being used to build farm infrastructure, augment management team and expand the company's distribution capabilities.
Superplum aims to address Indian agriculture's supply chain bottlenecks by digitising a farm-to-store network. Consumers will get fresh and fully traceable food that is free of pesticides. and farmers get a better deal.
Founder and CEO Shobhit Gupta said India is the world's second-largest agriculture market producing more than 110 million tonnes of fruits every year.
However, it has broken supply chains, massive wastage, gluts and shortages both geographically and over time.
"We plan to fix this broken channel between farm-fresh fruits and the end-user with a low-cost but modern supply chain solution that can ensure fresher and higher quality products across the country," he said.
The platform employs 70 people and delivered more than 1,000 tonnes of fresh produce through the Covid induced shutdowns. Its container systems travelled more than 1.5 lakh kilometres and the company worked with farmers across 15 states.
With plans to expand its footprint, Superplum endeavours to reach top 12 cities in the country in the next two to three years and eventually leverage its brand internationally as well.