Poshn launches new trading platform for agri commodities
Poshn startup Agri has launched the Poshn Nucleus trading platform that will help match a buyer’s purchase order with the most likely fulfillment partner. The company said in a statement that Poshn expects more than three small and medium-sized wholesale business sellers to join the new platform in the next 12 months.
More than 300 sellers have started working with the platform in the beta phase. Suppliers are processors of food and agricultural commodities while buyers are wholesale buyers of the same products.
“Simplifying the distribution process is important as the value chain is getting more and more complex. We are confident that this technology will transform $800 billion of the food industry and agri-commerce by streamlining these processes,” said Shashank Singh, Co-Founder, Pochen.
Singh added that the new platform will allow Potion to fully control the value chain without the need for an inventory-heavy model, which will further help the company expand its operations across geographies and commodities seamlessly.
About Potion
Started in 2020 as a part-time venture by Singh, an International Institute of Management alumnus, and Bhuvnesh Gupta, an XLRI alumnus, Poshn is an agribusiness platform for the wholesale distribution and financing of manufactured goods. The company, which officially launched a year later in June 2021, has raised about $4.5 million in seed rounds from Prime Ventures and Zephyr Peacock.
The company said the proprietary technology will also enable reverse auction and order processing, improve logistics and payment processing for buyer and seller, ultimately increasing efficiency.
Poshn Nucleus uses machine learning, data and analytics to streamline the commodity distribution process. The platform, with its advanced algorithms and machine learning models, quickly matches buyer orders with the most suitable fulfillment partner, resulting in specific recommendations that provide buyers with the best quality products at the best price and with the shortest possible delivery time.
Poshn Nucleus offers a unique reverse auction feature, allowing multiple fulfillment partners to bid for a given order. This promotes a competitive environment, assuring buyers of the best possible price for their requirements.
Ashirvad Singh, CTO of Poshn and the brain behind Poshn Nucleus, stated that they have built a highly modular, open and scalable digital ecosystem for the distribution of food and agricultural commodities and that the company is testing blockchain technology for specific use cases in order to ensure accountability and traceability across the value chain and verify slippage and losses.