Mumbai-based fresh food startup Pluckk plans to raise Rs 100 crore in a funding round led by existing investor Euro Gulf Investment, according to regulatory filings. The capital injection comes as India’s farm-to-fork and direct-to-consumer grocery sector undergoes consolidation and focused growth driven by changing consumer preferences.
Details of the fundraise
Pluckk’s board has approved the issuance of 3,471 Series C Compulsorily Convertible Preference Shares (CCPS) at Rs 2,88,112 per share, totalling about Rs 100 crore. The infusion signals continued investor confidence in Pluckk’s tech-enabled fresh produce and lifestyle food model.
Business model and growth moves
Founded in 2021 by Pratik Gupta, Pluckk operates a farm-to-consumer platform that supplies fresh fruits and vegetables and has expanded into ready-to-eat and nutrition-focused categories. The company uses technology to manage sourcing, cold chain logistics and urban fulfilment, aiming to deliver traceable, higher-quality produce to health-conscious buyers.
Pluckk has previously raised roughly $15 million, with participation from investors including Exponentia Ventures. It has also pursued strategic acquisitions — notably meal-kit brand KOOK and nutrition brand Upnourish — to broaden its product portfolio beyond core fresh produce.
Use of proceeds and valuation
The new capital will be used to scale operations, strengthen supply-chain capabilities and service interest on existing liabilities. Post-money valuation from this round is estimated at about $58 million.
Financial performance and competitive landscape
For the fiscal year ended March 2025, Pluckk reported revenue of around Rs 85 crore, nearly double the previous year, while losses widened to about Rs 55 crore from Rs 41 crore. These trends reflect the capital-intensive nature of fresh commerce, where growth often accompanies rising operating costs.
The online fresh-produce segment in India has thin margins, complex supply chains and high customer acquisition costs. Several well-funded players, including Otipy, Deep Rooted and Fraazo, have faced operational headwinds in recent years, while competitors such as Kisankonnect continue to vie for market share. In this environment, differentiation through product mix, supply-chain efficiency and unit-economics improvement is critical.
Sector outlook
Despite the challenges, investor interest in curated, tech-driven fresh food platforms remains steady. Greater consumer awareness of healthy eating, traceable sourcing and convenience has created a growing niche willing to pay a premium for quality.
If Pluckk deploys the Rs 100 crore effectively to deepen market penetration, optimise operations and strengthen its brand, the company could move closer to sustainable scale in a segment that continues to test even well-capitalised startups. The round highlights that investor appetite persists for ventures that can demonstrate disciplined execution alongside growth.
