Saturday , 24 June 2017

Agri-tech Startup Paalak.in Raises Seed Funding from Angel Investors

New Delhi, 28th February, 2017- 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, Co-founder, Paalak.in, said, “We understand the inadequacies of the supply chain in fruits and vegetables market, and see a huge potential to add value at both supply and demand side. 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, Co-founder, Paalak.in, added, “The potential of this supply chain is enormous since it extends to almost everything being grown in villages, and consumers will get access to unadulterated vegetables, fruits, pulses, dairy products. 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, Valuefirst said, “Given the fact that 70% 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 is currently generating INR 5.5+ Lakh per month in B2C revenue, which is growing more than 100% month-on-month, with customer retention of more than 90%. 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.

About Paalak.in
VDSS Agri Tech Private Limited, the parent company of Paalak.in, is a for-profit company with a mission to make agriculture a profitable business for farmers. The venture is co-founded by two MIT Sloan alumnus Swapnil Tripathi and Vishal Salgotra, and was incubated as part of an entrepreneurial project at the campus. Both the co-founders have been entrepreneurs in the past and come with a strong understanding of creating scalable, technology-based businesses.

The business thrives to build supply-chain efficiencies, simplify fragmented supply chain, and farm-to-fridge in under 14 hours after plucking the produce and bringing in technology to increase farm produce. However, their main motto is farmers’ social-upliftment. Paalak.in will enable farmers across India to sell their produce directly to end consumers thereby ensuring, they get more returns from their produce.

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