ⓘ Featured image: Shan Kadavil, CEO & Co-founder of FreshToHome; Credits: Entrepreneur.com
Bengaluru, India-based FreshToHome, on Wednesday announced that the company has raised fresh funding of $121 million in a Series C round led by the Investment Corporation of Dubai (ICD) and Bahrain’s Investcorp, with participation from Ascent Capital, US Development Finance Corporation, Allana Group and existing investor Iron Pillar.
The latest funding round has brought the company’s valuation somewhere in between $300-350 million, the company said in a statement.
Founded in 2015 by Shan Kadavil (CEO), FreshToHome enables its marketplace sellers to source and sell meat and fish directly from livestock farmers and fishermen in most major Mumbai, Delhi/NCR, Bangalore, Hyderabad, Pune, Kerala and Tamil Nadu and in the United Arab Emirates (UAE).
Speaking of the investment, Kadavil, co-founder & CEO of FreshToHome, in a statement 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 claims that it currently processes 15,00,000 orders a month, and has an annual revenue run rate of INR 600 crore, the company said.
Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai, said,
“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 is the second time that FreshToHome has raised capital from Middle East-based investors. The company had raised $11 million from UAE’s CE Ventures last year in a Series A round. According to Crunchbase, the disclosed funding threshold for FreshToHome until now comes to $152 million, including the latest funding round.
Bahrain’s Investcorp entered India back in February 2019 by establishing an office in Mumbai, Maharashtra, and closed a maiden India PE fund at ₹1,000 crore in July 2019.