Agritech start-up Superplum, which sells premium fresh fruits, on Monday said it has raised $15 million from investors to expand its business.
Superplum, will use the funds to build infrastructure and transform produce supply chains in India.
Agritech start-up Superplum, which sells premium fresh fruits, on Monday said it has raised $15 million from investors to expand its business.
The company said it has completed the Series A funding round to raise $15 million. The round was led by the company's incoming Chairman, Erik Ragatz, former Partner and current Senior Advisor of the global private equity firm Hellman & Friedman.
He joins a strong group of current investors including Mark Siegel, Dan Rose, Steve Jurvetson, Rick Kimball, Binny Bansal, and Kabir Misra. Superplum, founded in 2019, will use the funds to build infrastructure and transform produce supply chains in India.
Superplum has built a direct-from-farm produce supply chain, using proprietary technology and cold-chain infrastructure to fundamentally improve how produce is grown and brought to market.
It sells fruits like mangoes, litchis, apples, grapes, cherries, and plums amongst a growing list of products.
It also provides traceability, allowing consumers to view pesticide test reports for each batch and see the fruit's journey from farm to table.
The company's vertically integrated cold chain technology extends shelf lives and enhances fruit quality, expanding produce availability across the country, reducing food waste and ultimately improving farmer incomes.
The company works with farmers across 22 states in India and runs modern sourcing and supply chains for 25 fruits across the year.
Superplum's new Chairman Erik Ragatz, said, "Superplum is a hugely disruptive player in existing produce markets in India and has the opportunity to create an incredibly valuable enterprise."
Shobhit Gupta, the company's co-founder and CEO, said, "The fast-growing Indian consumer market is getting more and more demanding. While India has made huge strides in different domains, fresh produce remains lacking in technology and investments."
They will also soon be available in Mumbai. The company also recently started marketing its branded traceable products globally.
With a world-class supply chain, Superplum said it sees great opportunities for premium Indian Mangoes, Lychees, and many more tropical fruits.