FreshToHome, the Bengaluru-based online fish and meat ecommerce startup, announced it has raised $121 million in Series-C funding round led by Investment Corporation of Dubai (ICD).
Other investors that participated in the funding round are Investcorp, Ascent Capital, DFC, and the Allana Group. Existing investor Iron Pillar invested $19 million in the current funding round.
Commenting on the development, Shan Kadavil, Co-founder and CEO, FreshToHome, said, “COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to ecommerce, and we saw online demand for our products going up many folds this year. 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.”
Founded in 2015 by Shan Kadavil, FreshToHome is a fully-integrated ecommerce platform in the fresh fish and meat segment.
FreshToHome enables its marketplace sellers to source and sell high-quality meat and fish directly from livestock farmers and fishermen in Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kerala, and Tamil Nadu, as well as in the UAE.
“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 can break new ground for the greater good while also enjoying a large shareholder value creation opportunity,” said Khalifa Al Daboos, Deputy CEO, Investment Corporation of Dubai.
Gaurav Sharma, Head of Private Equity, Investcorp India, said, “At Investcorp, we look at companies who redefine the category with proven top-line and bottom-line impact. We believe that FreshToHome fits this bill perfectly, and is poised to achieve significant scale.”
The startup is backed by Mark Pincus (Founder of Zynga), David Krane (CEO of Google Ventures), Pete Briger (Chairman of Fortress), Abdul Aziz Al-Ghurair (Chairman of Mashreq Bank), Rajan Anandan of Sequoia Capital India, and other renowned investors.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.