Farm-to-fork fresh produce platform Pluckk is set to raise ₹100 crore (approximately $11 million) in a fresh funding round from existing backer Euro Gulf Investment, according to regulatory filings.
This follows Euro Gulf Investment’s $10 million infusion into the company in March last year. While the latest round has not yet been publicly announced, filings with the Registrar of Companies indicate that Pluckk’s board has approved the issuance of 3,471 Series C compulsorily convertible preference shares (CCPS) at an issue price of ₹2,88,112 per share to raise the planned ₹100 crore.
Use of Funds and Valuation
As per the filings, the fresh capital will be used to accelerate growth initiatives, service interest on debentures, and meet other corporate requirements. Post-allotment, the company’s valuation is estimated to reach approximately $58 million.
Founded in 2021 by Pratik Gupta, Pluckk operates in the business-to-consumer (B2C) fresh produce segment, offering fruits, vegetables, and lifestyle focused food products directly to consumers. The platform has positioned itself around clean label and health centric categories, including vegan options, low carb products, gut health items, plant protein bars, fresh meal kits, cold pressed juices, and frozen berries.
Growth and Financial Performance
The Mumbai-based startup reported a twofold increase in revenue to ₹85 crore in the fiscal year ended March 2025. However, losses widened to ₹55 crore in FY25 from ₹41 crore in FY24, reflecting continued investments in expansion, sourcing, and technology.
Pluckk has raised approximately $15 million prior to this round, including $5 million in seed funding from Exponentia Ventures. The company has also pursued inorganic growth, acquiring DIY meal kit platform KOOK for $1.3 million and nutrition brand Upnourish for $1.4 million.
Competitive Landscape
Pluckk competes with players such as Gourmet Garden and Kisankonnect in the online fresh produce market. The segment has witnessed volatility, with startups like Otipy, Deep Rooted, and Fraazo shutting down despite significant funding, highlighting the operational challenges in scaling farm-to-fork businesses.
With fresh capital in hand, Pluckk aims to strengthen sourcing, enhance AI-enabled customer experience, and expand into everyday consumption categories while navigating a capital-intensive and competitive market.
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