FreshToHome raises $121 million and eyes rapid expansion

FreshToHome, an Indian e-commerce startup that sells fresh fish and meat, has raised $121 million in Series C funding.

This was led by Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, Investcorp, Ascent Capital, US International Development Finance Institution (DFC), and the Allana Group.

Iron Pillar, the lead investor from the company’s Series B round, also participated, stumping up $19 million.

Humbled to be part of the lives of many fishermen and farmers. Thank you customers, investors, partners and colleagues for sharing this journey towards fresh, chemical-free food for the world. The future is Fresh! https://t.co/9nlTL1aF9h @RajanAnandan @myfreshtohome @startupindia
— Shan Kadavil (@shankadavil) October 27, 2020

FreshToHome has raised a total of $151 million since it was founded in 2015. It operates in several major Indian cities, including Delhi, Mumbai and Bangalore and says that it is processing about 1.5 million orders a month, up from 420,000 last year.

“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,” says Shan Kadavil, Co-Founder and CEO, FreshToHome.

“FreshToHome creates enormous social and economic impact by enabling sellers to directly source from the 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 realise our full potential through rapid expansion in India and the Middle East,” he concludes.