Fresh producefood-tech venture, Pluckk (A brand owned by Fruveegie Tech Pvt Ltd.) aims to build India’s first digital commerce business to serve the growing demand of lifestyle-oriented fresh produce. Pluckk appointed Nelson D’Souza as the Chief Financial Officer (CFO) with effect from 7th March 2022. Prior to joining Pluckk, Nelson was last working with Origa Lease Finance as its CFO, having in the past worked with, Avendus Capital and Tata Capital to name a few.
Commenting on the appointment Pratik Gupta, CEO and Co-Founder, PLUCKK, said, “We are glad to appoint Nelson as our CFO, as he comes with around two decades of experience in the field of finance, having worked across multiple disciplines (strategy, operations et al) working closely with founders and promoters. Nelson has an all-round experience of setting up the finance function, fund raise and leveraging technology to help companies achieve leadership positions in their respective domains.”
Speaking on the occasion CFO Nelson said, “India is at the cusp of a digital revolution and the COVID-19 pandemic has only accelerated the same. Be it in lending or consumption, India is fast adopting the digital route and this has resulted in a number of brands seeing exponential growth. In Pluckk, I see a unique new age digital brand catering to a large fast growing market adapting to lifestyle demands of the new age Indian. With my extensive experience across various start-ups and businesses, I seek to leverage my skills and work closely with Pratik and the team in building Pluckk into a niche food-tech company in India.”
Pluckk recently raised an USD 5 million seed capital funding, from Exponentia Ventures, a fund focussed on emerging business ideas in both B2C and B2B space.
Pluckk’s proposition is centered on global food trends ranging from vegan, carb alternatives, gut health, immunity to plant-forward eating to prevent diabetes and mental health. The products and services of Pluckk will now also be made available to a wider set of consumers in key metro cities such as Bangalore & Mumbai (further expansion plans to Gurugram, Pune, Hyderabad) on its direct-to-consumer (D2C) platform as well as through leading ecommerce platforms under its brand name.
The Indian online grocery market size is currently valued at USD 4 billion growing at a compound annual growth rate (CAGR) of 37%. Of the total grocery market, fruits and vegetables account for 15-20% of the market size, Pluckk aims to gain a higher single-digit share of this market in the next 3-5 years.