The company expects to onboard over three lakh wholesale SME sellers on the new platform in the next 12 months. More than 300 sellers have gone live with the platform in the pilot stage. The suppliers are processors of food and agro commodities while buyers are wholesale purchasers of same products.
“Simplifying the distribution process is important because the value chain is getting more complicated. We are confident that this technology will transform the $800 billion food and agro trading industry by simplifying these processes,” said Shashank Singh, Co-founder of Poshn adding that the new platform Poshn Nucleus would allow the comlany to have a full control of the value chain without the need of an inventory heavy model, which will further help the company to expand its operations across geographies and commodities seamlessly.
Started in 2020 as a part-time project by Singh, an IIM graduate and Bhuvnesh Gupta, an alumni of XLRI, Poshn is an agri-trading platform for wholesale processed commodity distribution and financing. The company, which was launched officially a year later in June 2021, has raised around $4.5 million in seed round from Prime Ventures and Zephyr Peacock
The proprietary technology will also enable reverse auctioning, order processing, logistics optimization, and payment processing for the buyer and seller ultimately leading to increased efficiency.
The new platform uses machine learning, data, and analytics to simplify the process of distributing commodities.The platform, with its algorithms and machine learning models matches buyer demand requests with fulfilment partners resulting in specific recommendations that provide buyers with the product at the best price and shortest delivery time possible.Ashirvad Singh, the head of technology at Poshn and the brain behind Poshn Nucleus said they have built a highly modular, open, and scalable digital ecosystem for food and agro commodities distribution and that the company is experimenting with blockchain technology for specific use cases to ensure accountability and traceability across the value chain and check slippage and losses.
It also facilitates order creation and tracking, delivery and refunds, and cash flow management. The company expects its annual recurring revenue to cross $1 billion in the current fiscal year.