FreshToHome, which sells fresh fish and meat online, on Tuesday said it has raised USD 121 million (about Rs 900 crore) in series C funding round led by Investment Corporation of Dubai (ICD).
FreshToHome, which sells fresh fish and meat online, on Tuesday said it has raised USD 121 million (about Rs 900 crore) in series C funding round led by Investment Corporation of Dubai (ICD). Investcorp, Ascent Capital, the United States International Development Finance Corporation (DFC) and Allana were also part of the funding round. Iron Pillar, the lead investor from series B round, also participated with a significant investment of USD 19 million, the company said in a statement. Barclays was the advisor for the transaction, it added.
“COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to e-commerce and we saw online demand for our products going up many folds this year thanks to the safety guarantee of 100 per cent fresh and 0 per cent chemicals,” FreshToHome co-founder and CEO Shan Kadavil said.
FreshToHome enables sellers to directly source from fishermen and farmers with its patent-pending AI-powered supply chain technology and aided by a state-of-the-art cold chain. “We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East,” Kadavil added.
As per Euromonitor International, the consumer market size of fish and meat segment in India in 2019 was USD 94 billion. FreshToHome gets about 15 lakh business-to-consumer (B2C) orders per month and has USD 85 million (Rs 600 crore) annualised sales run rate.
The company enables its marketplace sellers to source and sell high-quality meat and fish directly from livestock farmers and fishermen in most major Indian cities, including Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kerala and Tamil Nadu, and in the UAE. Some of the early backers of FreshToHome include Zynga founder Mark Pincus, Google Ventures CEO David Krane, Fortress Chairman Pete Briger, Mashreq Bank Chairman Abdul Aziz Al-Ghurair, Rajan Anandan of Sequoia and other renowned investors, the statement said.
“We are pleased to partner with FreshToHome and to support the vision of management and the growth of the company. At ICD, we seek to partner with companies like FreshToHome that are able to break new ground for the greater good while also enjoying a large shareholder value creation opportunity,” ICD Deputy CEO Khalifa Al Daboos said.
“This successful fundraising is a strong recognition of the company’s achievements and significant potential,” Daboos added.