Shashank Singh and Bhuvnesh Gupta, two friends deeply connected to the world of agriculture, possessed a thorough understanding of the difficulties faced by the farming sector.
Motivated by their insights, they introduced Poshn, a digital platform in November 2020, with the goal of simplifying the trading of agricultural products.
Choosing to leave behind successful careers in the corporate world, they dedicated their efforts to this venture. In just three years, Poshn achieved a Gross Merchandise Value (GMV) of Rs 510 crore in the last financial year.
Their startup has proven to be a boon for many farmers by streamlining the sales process. Shashank notes, “Farmers encounter numerous challenges dealing with middlemen and navigating through intricate procedures between processors and wholesalers.”
“Dealing with intermediaries and managing a mountain of paperwork not only causes delays but also adds extra expenses. Additionally, there’s a risk involved in settling payments,” he points out.
Explaining the role of processors, who handle crops after harvest, such as transforming harvested wheat into a marketable product before it reaches wholesalers, Shashank says, “To make this entire process more straightforward, we developed Poshn. Our platform seamlessly links processors and wholesalers, facilitating a smooth and direct trade.”
Poshn not only improves the efficiency of wholesale trading in food grains but also alleviates the financial challenges faced by processors and distributors.
“Agri processors and distributors, who are typically small and medium-sized businesses, frequently grapple with capital issues due to the sluggish trading process,” highlights Shashank.
Poshn assists these businesses by ensuring consistent transactions and providing prompt payments upon delivery, effectively addressing working capital challenges.
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Serving as a comprehensive hub for bulk and wholesale agro commodity transactions, Poshn presently concentrates on two main categories: groceries (such as rice, flour, and edible oils) and liquid products, primarily loose milk.
Shashank explains how the platform operates, saying, “Our smartphone app allows buyers and sellers to submit requests for buying and selling commodities. Poshn identifies optimal matches and takes care of everything from logistics to payments. Both buyers and sellers can monitor the entire process through the Poshn app.”
Surprisingly, their business model doesn’t rely on having warehouses. “We don’t keep a warehouse,” says Shashank. “Instead, we acquire commodities based on orders and then proceed with delivery. This approach allows us to operate without holding any inventory.”
He strongly believes in the advantages that Poshn provides to processors and wholesalers. “By cutting out middlemen, we eliminate additional costs, ensuring both sellers and buyers get the best prices for their commodities,” he explains.
Coming from a family deeply connected to agriculture in Unnao, Uttar Pradesh, 33-year-old Shashank grew up in an environment where farming was frequently discussed within the family.
Shashank’s father, who worked in a bank, also oversaw a sizable farm in Birampur village, approximately 20 km from Unnao town.
Shashank and his family were frequent visitors to this village. “My childhood was filled with discussions about farming, and I have witnessed the process on our family farm, where we mainly cultivate wheat and rice. Growing up in such an environment, I have personally seen the various challenges that come with farming,” shares Shashank.
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Additionally, his family owned a mango orchard in Malihabad, situated around 55 km from Unnao, renowned for its diverse range of mangoes. “The most cherished moments were spent in our mango orchard during summer vacations, relishing the delicious mangoes,” he fondly reminisces.
In 2010, Shashank earned his Bachelor of Engineering degree in Mechanical Engineering from the esteemed Birla Institute of Technology and Science (BITS), Pilani. Following that, he successfully completed his MBA at the Indian Institute of Management, Calcutta, spanning from 2013 to 2015.
Embarking on his professional journey, Shashank Singh started his career at Wipro Limited, participating in the Global 100 Leadership program, with a focus on honing leadership skills. He was part of Wipro from 2015 to 2016.
Following that, Shashank ventured into BlackBuck (Zinka Logistics Solutions Pvt. Ltd.), taking on the role of SME Business & Product Head from May 2016 to December 2016.
Taking a detour into entrepreneurship, he co-founded Appsfly.io, a company dedicated to crafting smartphone applications, and remained with it from July 2016 to July 2018.
His subsequent career move led him to Uber, where he served as the Strategy Manager from July 2018 until November 2020.
In 2019, Shashank crossed paths with Bhuvnesh Gupta, and an immediate bond formed due to their shared agricultural backgrounds. “Both of us have farming roots, and we quickly realized our similar perspectives. Our common interest in agriculture paved the way for a strong friendship,” reflects Shashank.
Hailing from Jalandhar, Punjab, the 33-year-old Bhuvnesh’s father also had a career in banking. Choosing a less conventional route, Bhuvnesh pursued distance education, motivated by his entrepreneurial dreams.
He completed his BA Honours in Public Administration from Indira Gandhi National Open University in 2008 and later achieved a Postgraduate Diploma in Business Management, Finance & Marketing from XLRI Jamshedpur in 2015.
Before venturing into the corporate realm, Bhuvnesh operated Shakun Karyana Merchants, a local grocery trading business, from April 2004 to June 2011. He later transitioned to the Oriental Bank of Commerce, initially serving as a credit officer and eventually becoming the head of the Forex Department from 2011 to 2013.
His professional journey also included roles at Ericsson, where he worked as a Manager for Special Projects from May 2015 to March 2017, and at OYO Rooms, where he held the position of Business Head from April 2017 to April 2018.
In April 2018, Bhuvnesh established eFulcrum, a brand focused on homemade wellness products, leading the company until September 2019. During this period, he also played a significant role at Udaan.com, India’s largest eB2B platform, as a Business Head from October 2018 to September 2019.
Subsequently, Bhuvnesh held the position of Head of D2R & Ecommerce at BharatPe from March 2020 to March 2021.
Upon joining forces, Shashank and Bhuvnesh established Poshn from the ground up. In the initial phases, they managed the operations themselves, gradually expanding and bringing in more team members as the business flourished.
“We began with a modest number of 2-3 processors and wholesalers, and now we have about 700,” notes Shashank.
Poshn, directed at markets in Delhi, Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, Rajasthan, Maharashtra, and Bangalore, was launched in November 2020 with an initial investment of Rs. 1 crore.
In the initial six months, Poshn generated a turnover of Rs. 80 lakh. “By the end of the first year, we were close to Rs. 100 crore, and in the last financial year, we reached a turnover of Rs. 510 crore. This fiscal year, we have already surpassed Rs. 800 crore in GMV,” discloses Shashank.
He mentions that their profit margin constitutes about 10% of the total business annually. Poshn’s main office, housing 70 employees, is situated in a 1000 sq ft space in Delhi.
The duo aims to extend the reach of Poshn throughout India and attain substantial growth over the next five years.
On a personal level, Shashank, who is single, lives in a rented apartment in Delhi. He finds joy in staying active, expressing, “I enjoy participating in fitness activities such as gym workouts and swimming, which contribute to maintaining both physical and mental well-being.”
