New Delhi: Poshn, a leading player in the food and agriculture value chain, has launched a platform called Poshn Nucleus that will help match a buyer’s procurement demands with the most likely fulfilment partner.
The New Delhi-based company expects to onboard over three lakh wholesale SME sellers on the new platform in the next 12 months.
Already 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 the same products.
On the launch, Shashank Singh, Co-founder of Poshn, said, “Simplifying the distribution process is important because the value chain is getting more complicated. We are confident this technology will transform the $800 billion food and agro trading industry by simplifying these processes.”
Singh added that the new platform would allow Poshn to have full control of the value chain without needing an inventory-heavy model, which will further help the company 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 rounds 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.
Poshn Nucleus uses machine learning, data, and analytics to simplify the process of distributing commodities.
The platform, with its is advanced algorithms and machine learning models, quickly matches buyer demand requests with the most suitable fulfilment partner, thus resulting in specific recommendations that provide buyers with the best quality product at the best price and with the shortest delivery time possible.
Poshn Nucleus offers a unique feature of reverse auctioning, allowing multiple fulfilment partners to bid for a specific procurement request. This fosters a competitive environment, guaranteeing buyers the best possible price for their requirements. This sets the platform apart from other major solutions available in the market.
Ashirvad Singh, the Head of Technology at Poshn and the brain behind Poshn Nucleus, stated that they had 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.
Furthermore, the foundation layer of the platform takes care of the complete life-cycle management of trade. It facilitates order creation and tracking, delivery and refunds, and cash flow management.
According to Bhuvnesh Gupta, one of the co-founders of Poshn, their focus on addressing key issues in the sector and in-depth industry knowledge has enabled them to create a unique SME tech platform.
