Indian ecommerce company, FreshToHome, has raised $121 million in a Series C funding round to expand its service nationally and in the Middle East.
FreshToHome says that its e-commerce platform for fresh fish and meat receives around 1.5 million orders per month and generates $85 million (INR 600 crore approx.) in annualised sales.
As well as in India, the company currently offers its e-commerce services in the United Arab Emirates, where it claims to be one of the top five e-grocers.
The Series C round was led by: Investment Corporation of Dubai, the principal investment arm of the Dubai government; Investcorp; Ascent Capital; DFC, the US government’s development finance institution; and others.
Iron Pillar, the lead investor in the company’s Series B round, also backed FreshToHome’s latest financing efforts with an investment of $19 million.
Shan Kadavil, co-founder and CEO of 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 e-commerce and we saw online demand for our products going up many folds this year thanks to the 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 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.”
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