Paalak.in, a Delhi-based agri-tech startup, has secured an undisclosed amount in seed funding from Vishwadeep Bajaj, Harsh Kundra, Nandkumar Rane and Anupam Tyagi. The funding will be utilized to develop a new consumer web-platform and android app, add more collection centres in villages, and hire critical manpower in technology, supply chain and operations departments.
Paalak.in is a platform that provides unique supply chain of farm-fresh produce, directly from farmers to end consumers and B2B buyers, with a brand promise on quality. A farmer app is also scheduled to be launched by mid-March.
Commenting on the investment, Vishal Salgotra, cofounder, Paalak.in, said, “We hope this investment will help us fulfil our aim to simplify the currently fragmented supply chain, use technology to increase farm produce, and provide consumers’ direct access to the best of it.”
Swapnil Tripathi, cofounder of Paalak.in, added, “We are building an extremely inclusive model where every farmer gets to feel that he is a stakeholder. We are also building few B2B partnerships where we will power vegetables and fruits category for offline and tech-based retailers.”
Commenting on the potential of agri-tech, Viswadeep Bajaj, CEO of Valuefirst said, “Given the fact that 70 percent of rural household in India depend on agriculture as their principle means of livelihood, I believe agri-tech has the power to bridge existing gaps in the market. I look forward to working with Paalak.in as they keep advancing towards their mission to offer value to a new generation of online consumers.”
Within seven months since its inception in August 2016, the company claims it is currently generating over rupees 5.5 lakh a month in B2C revenue, which is growing more than 100 percent month-on-month, with customer retention of more than 90 percent. Paalak.in connects around 450 farmers and more than 750 families presently, and are now working on scaling up B2B consumers who are looking for the convenience of doorstep delivery of fresh and superior-quality vegetables and fruits.
Paalak.in expects their Noida store to turn profitable in March, and plan to open another store in Gurgaon in April, followed by four new hyperlocal stores in Delhi-NCR every quarter. The company aims to expand to entire Delhi-NCR region by March 2018.