Agri-Fintech Startup Poshn Clocks in Rs 300 Crore in Trade; Becomes the Top Trader of Sugar and Oil in Delhi NCR
Nov 17, 2022
New Delhi [India], November 17 (ANI/BusinessWire India):
, a platform for wholesale processed commodity distribution & financing has announced that it is now the top trader of sugar and oil in Delhi NCR. Poshn provides a seamless and efficient procurement platform, especially for bulk-processed commodities in a highly fragmented agri supply chain market. The startup has partnered with over 500 wholesalers across eCommerce, modern trade, general trade and has seen an aggressive adoption from across the supply chain. Poshn has reported a 7X annualized growth in the last 12 months with more than Rs 300 crore in trade. The company is also planning to trade in 10 additional commodities by the end of next year and has a PAN India presence.
Founded in 2020 by
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Poshn is a platform that takes a product-first approach towards solving complex problems in B2B agritrade. The company aims to organize the agri-supply chain by making wholesale trading seamless. It offers full-stack services for the wholesale trading of commodities where wholesale buyers can purchase from millers and stockists. It not only provides seamless discovery of and transactions for the wholesale agri-market but also assists buyers/sellers with logistics and offers flexible payment solutions. The company is currently operational in Delhi, Haryana, UP, Punjab, Rajasthan, Karnataka and MP.
Currently, wholesale buying and selling happen in silos where a buyer buys from his select set of agents who in turn have a select set of sellers. The buyers struggle with price discovery, on-time delivery, quality of produce and working capital. Similarly, the suppliers' challenges lie around demand predictability, timely payment, working capital management and a limited and inelastic distribution network. With very little digitisation, the sector faces several challenges when it comes to access to credit and robust distribution channels and fragmented supply units which makes discovery (price, suppliers, commodities) complex. There are often 6-8 intermediaries between the farmer and the retailer including some who add real value to the product and the trade, but a large number of these intermediaries add on to the inefficiency in the supply chain.
Poshn, with its AI-driven distribution engine, makes wholesale procurement seamless and gives the buyers a one-window shop to get the best prices from an array of suppliers and the trust to ensure assured and hassle-free deliveries. Poshn is addressing the challenges faced by hundreds and thousands of food processing units and more than two million wholesale buyers. The platform adds a layer of trust by bringing in transparent pricing, quality check, on-time delivery, and providing working capital solutions wherever required. By removing the working capital constraints for the buyers, Poshn helps them to procure more and increase their turnover. At the same time, sellers are able to expand their network and reach more buyers via the Poshn platform, thereby increasing their business.
Supporting Quote
Shashank Singh, Co-founder, Poshn "The vision behind building Poshn is to have a seamless and efficient procurement platform specially for bulk procurement. The developments in the Indian agriculture ecosystem have led to the growth of the agri-commodities market and we are the largest consumer of commodities and agricultural products. We are very excited about the opportunity and want to be the exchange platform of choice for all wholesale processed staple commodities."
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