To Grow in India and UAE FreshToHome receives USD 121 mn Funding

CIOReviewIndia Team | Wednesday, 28 October 2020, 14:26 IST

In a series of C Funding led by investment corporations of Dubai (ICD), the principal investment arm of the Government of Dubai, Bengaluru based  fresh meat and fish e-tailer FreshToHome has raised USD 121 million.

Besides a significant follow-on investment of USD 19 million from Series B lead investor Iron Pillar, Companies such as US International  Development Finance Corp. (DFC), InvestCorp, Ascent Capital, and Allana also took part in the funding round.

“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,” said Shan Kadavil, co-founder and chief executive, Fresh Home.

Also, backed by the brand promise of 100 percent  fresh and 0 percent chemicals, the startup posted the growth amid the covid-19 crisis  as consumers shifted to e-commerce. While, as consumers opted for quality meat and fish, other fresh food startups such as Licious also saw a spike in demand.

“Covid-19 has been a defining moment for the sector as consumers look for safer ways of buying fish and meat, and freshness in perishables,” said Kadavil. This FreshToHome platform is also significantly helping farmers to sell their products during these times of pandemic. Hence, till now, it has registered with 1,500 registered fishermen on its platform across Bengaluru, Hyderabad, Pune, Kerala, UAE, among others.