Agritech startup Superplum announced today the successful closure of its Series A funding round. The company secured a significant investment of $15 million, with the round led by Erik Ragatz, a former partner and current senior advisor at the renowned private equity firm Hellman & Friedman. Ragatz will also take on the position of chairman within Superplum.
This fundraising success is further bolstered by Ragatz joining a group of existing Superplum investors, which includes notable names such as Mark Siegel, Dan Rose, Steve Jurvetson, Rick Kimball, Binny Bansal, and Kabir Misra. This latest capital injection follows the company’s pre-Series A round where it raised $3.8 million in June 2021, bringing its total funding to date close to $22 million.
Transforming India’s Produce Supply Chains
The newly acquired funds will play a crucial role in enabling Superplum to expand its infrastructure and further its mission of revolutionizing produce supply chains throughout India. Founded in 2019 by Shobhit Gupta, the company has pioneered a direct-from-farm produce supply chain model. Superplum’s innovation lies in the implementation of proprietary technology and advanced cold-chain infrastructure, which directly enhances the quality and longevity of the produce it handles.
Superplum’s focus on optimization reduces food waste significantly and bolsters farmer incomes by ensuring a more efficient and reliable journey of fruits from farm to customer.
“This funding milestone is a testament to the hard work of our team and the transformative potential of our technology-driven approach. We’re excited to have the backing of such experienced investors who believe in our vision of bringing fresher, healthier, and more sustainable produce to Indian consumers,” said Shobhit Gupta, Founder and CEO of Superplum.
India’s First Premium Fruit Brand
Superplum proudly distinguishes itself as India’s premier premium fruit brand. It offers consumers an unmatched guarantee of exceptional quality and superior health benefits across a wide range of fruits, including favorites like mangoes, litchis, apples, grapes, cherries, and plums.
The company’s commitment to quality stems from its deep collaboration with farmers across 22 Indian states, including Bihar, Kashmir, and Karnataka. Superplum operates a contemporary, highly organized sourcing and supply chain network that handles 25 different fruits throughout the year.
Accessibility and Expansion
Currently, Superplum’s products are readily available through prominent online platforms such as Amazon Fresh, Zepto, Swiggy, and Blinkit. The company’s premium fruits can also be found at major retailers like Spar, Metro, Lulu, Modern Bazaar, More, and Trent, as well as select grocery stores in the National Capital Region (NCR) and Bengaluru.
The Evolving Agritech Landscape
According to industry data, investment in agritech startups experienced a decline in 2023, with figures standing at $182 million compared to $773 million in 2022 and $635 million in 2021. Superplum’s Series A success serves as a testament to its ability to thrive and attract investor confidence even within a more challenging funding environment.
The company’s commitment to transforming the landscape of fruit production and distribution in India is expected to pave the way for additional expansion and innovation in the coming years.
