[Funding] FreshToHome raises $121 mn Series C funding led by ICD

FreshToHome is a Bengaluru-based fresh meat and fish e-tailer. The company has raised $121 million in a Series C funding led by Investment Corp of Dubai (ICD). ICD is the principal investment arm of the government of Dubai. Investcorp, Ascent Capital, US International Development Finance Corp (DFC) and Allana also participated in the round. Besides, there was a significant follow-on investment of $19 million from Series B lead investor Iron Pillar.

“We are just beginning to scratch the surface of a very large market. 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, FreshToHome. The company also said this was the largest Series C funding for any consumer tech startup in India.

About FreshToHome

FreshToHome directly sources fish and meat from fishermen and farmers. It then uses its patent-pending AI-powered supply chain technology, and a cold chain network to cut down on middlemen, and reduce the transportation time to 24-36 hours. Farmers and fishermen bid for their yields electronically on the company’s app. This also helps the company have better control over the quality and prices.

FreshToHome processes 1.5 million orders every month on its website and app and has an annualised run rate of ₹600 crores. The startup posted growth amid the covid-19 crisis as consumers shifted to e-commerce. This was backed by the brand promise of 100% fresh and 0% chemicals.

Other fresh food startups, including Licious, also saw a spike in demand as consumers opted for high-quality meat and fish. “Covid-19 has been a defining moment for the sector as consumers look for safer ways of buying fish or meat, and freshness in perishables," said Kadavil.

The FreshToHome platform also supported thousands of fishermen and farmers to sell their produce during the pandemic. It has 1,500 registered fishermen on its platform and sells across Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kerala and Tamil Nadu, besides the UAE.