India’s FreshToHome secures $121m investment in Series C round

India’s fish and meat e-commerce firm FreshToHome raised $121m in the Series C funding round to further expand its footprint in India and the Middle East.

FreshToHome generates approximately $85m in revenue per annum and receives approximately 1.5 million orders a month.

FreshToHome co-founder and CEO Shan Kadavil said: “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 safety guarantee of ‘100% Fresh and 0% Chemicals’.

“FreshToHome stands by the brand’s assurance and 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.”

The investment round was led by the Investment Corporation of Dubai (ICD), Investcorp, Ascent Capital, The United States International Development Finance Corporation (DFC) and others.

Iron Pillar, who was the lead investor in the Series B funding round, also participated in this round with a $19m investment.

FreshToHome is said to be currently one of the top five e-grocers in the UAE market.

ICD deputy CEO Khalifa Al Daboos said: “We are pleased to partner with FreshToHome and to support the vision of management and the growth of the company.

“FreshToHome is a leader in leveraging AI-based technology and business innovation to bring a superior value proposition to customers and suppliers in a large and important market.

“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. This successful fundraising is a strong recognition of the company’s achievements and significant potential.”