Poshn, a leading player in the food and agriculture value chain, has recently launched an innovative platform known as Poshn Nucleus. This groundbreaking platform is designed to facilitate seamless matchmaking between buyers’ procurement demands and the most compatible fulfillment partners. With Poshn Nucleus, buyers can find the perfect partners to meet their specific requirements, ensuring efficient and effective collaborations in the food and agriculture industry.
In the coming year, the New Delhi-based company aims to onboard over 300,000 wholesale SME sellers onto their new platform.
During the pilot stage, over 300 sellers have already gone live on the platform. These sellers primarily consist of food and agro commodity processors, while the buyers are wholesale purchasers seeking 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 further mentioned that the new platform would provide Poshn with complete control over the value chain, eliminating the need for an inventory-heavy model. This advantage will facilitate the company’s seamless expansion into various geographies and commodities.
Founded in 2020 as a side project by Singh, an IIM graduate, and Bhuvnesh Gupta, an alumnus of XLRI, Poshn is an agri-trading platform focused on wholesale distribution and financing of processed commodities. The company officially launched in June 2021, and since then, it has successfully secured approximately $4.5 million in seed funding from Prime Ventures and Zephyr Peacock.
The inclusion of proprietary technology in the platform will enable various functionalities such as reverse auctioning, streamlined order processing, optimized logistics, and efficient payment processing for both buyers and sellers. This comprehensive set of features will enhance overall efficiency within the platform.
Poshn Nucleus leverages machine learning, data, and analytics to streamline the process of commodity distribution, making it more simplified and efficient.
Equipped with advanced algorithms and machine learning models, the platform swiftly matches buyer demand requests with the most suitable fulfillment partners. This process generates specific recommendations that ensure buyers receive the best quality product, at the optimal price, and with the shortest possible delivery time.
Poshn Nucleus distinguishes itself by offering a distinctive feature of reverse auctioning, enabling multiple fulfillment partners to competitively bid for specific procurement requests. This fosters a competitive environment that ensures buyers secure the best possible price for their requirements. This unique feature sets the platform apart from other prominent solutions available in the market.
Ashirvad Singh, the Head of Technology at Poshn, has revealed that they have created a cutting-edge digital ecosystem for the distribution of food and agricultural commodities called Poshn Nucleus. This system is characterized by its high modularity, openness, and scalability. Furthermore, Poshn is actively experimenting with blockchain technology to address specific use cases within their operations. By implementing blockchain, Poshn aims to enhance accountability and traceability across the entire value chain, effectively reducing slippage and minimizing losses.
Additionally, the foundational layer of the platform comprehensively handles the trade life-cycle management. It streamlines various processes including order creation, order tracking, delivery management, refund handling, and efficient cash flow management.
Bhuvnesh Gupta, one of the Co-Founders of Poshn, emphasized that their primary focus on addressing critical issues within the sector, coupled with their profound understanding of the industry, has enabled them to create a one-of-a-kind technology platform dedicated to empowering small and medium enterprises (SMEs).