Nelson D’Souza, chief financial officer (CFO) of Pluckk
Food tech venture Pluckk is scaling up operations and growing rapidly to tap the fruits and vegetables (F&V) space.
The fresh food brand, has closed FY24 with a significant milestone; clocking an Annual Recurring Revenue (ARR) of Rs 100 crore.
This growth can be attributed to a series of strategic partnerships forged by Pluckk with industry giants such as Amazon, Swiggy, Zepto, and Blinkit. Furthermore, the recent acquisition of KOOK, a prominent Indian food-tech startup specialising in DIY meal kits, has significantly boosted Pluckk’s product catalogue and revenue numbers. What has also helped is the brand’s collaboration with Bollywood actor Kareena Kapoor Khan, both as an investor and brand ambassador.
“The digital F&V market landscape has evolved, leading to greater acceptance for Pluckk’s products. We are super optimistic about our growth aspirations, owing to our innovative approach, strong product portfolio and various strategic initiatives,” said Nelson D’Souza, chief financial officer (CFO) of Pluckk. “Pluckk is on a high-growth trajectory, with plans to double our revenues in 12 months and expand our presence to 15 cities in the next three years. We are operationally profitable and on-course to achieve our target of becoming EBITDA positive at a city-level in the next 12 months,” added D’Souza.
Pluckk said its success is not only evident in its revenue figures and unit economics but also in its commitment to delivering safe, fresh, and clean fruits and vegetables. Sourced from over 1000 partner farms, its products are traceable to its farmer origin, ozone-washed to remove germs and pesticides, and certified non-GMO (genetically modified foods).
Building on this expertise, Pluckk has recently ventured into the category of fresh preservative-free juices, salads, dips and meal kits. The aim is to drive differentiated experience and convenience to its customers.
“Today’s customer wants to eat healthy, fresh and chemical free and this trend is growing very fast in every large product category from personal care, food, make up and so on. We are connecting farmers to half a million homes and delivering over 2 million products every month,” said D’Souza. “This has been possible because we have consistently demonstrated superior quality, hygiene and freshness through our FSSAI-certified differentiated products, lab-certified ozone wash technology and HACCP certified farm to door traceability to our customers and that too at reasonable prices,” said D’Souza.
Funded by Exponentia Ventures, Pluckk is currently present in major cities like Delhi, Mumbai, Bengaluru, Pune, and Ahmedabad. It is on over 8 marketplace platforms online and offline.
Founded in 2021, by Pratik Gupta, Pluckk aims to build India’s first digital commerce business to serve the growing demand of lifestyle-oriented fresh produce. The company’s proposition is centred on global food trends ranging from vegan, carb alternatives, gut health, and immunity to plant-forward eating to prevent diabetes and mental health.
The Indian online grocery market size reached $ 9.0 billion in 2023. Looking forward, research firm IMARC Group expects the market to reach $ 80.6 billion by 2032, exhibiting a growth rate (CAGR) of 26.7 per cent during 2024-2032. Experts said that fruits and vegetables account for 15-20 per cent of the market size.
Some of the major factors propelling this market include the rapid expansion of internet penetration and smartphone usage, increasing urbanization and busy lifestyles of consumers. The other factors include outbreak of Covid-19 pandemic, wide availability of products on e-commerce platforms, and competitive pricing.
Last year, Pluckk announced the acquisition of KOOK, an Indian food-tech startup that offers a range of DIY Meal Kits for consumers. Pluckk’s acquisition of KOOK was a strategic move to tap into the enormous growth potential of the meal kit market and presents significant opportunities for Pluckk. With KOOK’s strong target audience and expertise in meal kits, Pluckk had said it is well-positioned to deliver the best quality fresh food to its end consumers in this thriving market.
First Published: May 10 2024 | 7:05 PM IST
