Bengaluru-based FreshToHome Bags $121 Mn in a Round led by Investment Corporation of Dubai

• FreshToHome is an online platform that sells seafood, chicken, meat, fruits, vegetables.
• With the latest funding, the company aims to expand to more geographical locations.
• The major competitors for the company are Licious, Zapfresh, BBDaily, and Easymeat among a few others.

FreshToHome, a Bengaluru-based startup, raised $121 million in the Series C round that was led by Investment Corporation of Dubai, Ascent Capital, the U.S. Government’s development finance institution (DFC), and the Allana Group.

This is one of the largest investments in online platforms that sell fresh vegetables, fish, chicken, and other kinds of meat.

The firm currently operates in major Indian cities including Delhi, Mumbai, Pune, Bangalore, and Hyderabad. It processes about 1.5 million orders a month from 420,000 last year.

The startup clocks an annual recurring revenue of $80 million and aims to hit $200 million next year, according to the company’s co-founder Shan Kadavil.

With the latest funding, FreshToHome, which already operates in the UAE, aims to expand to more geographies such as Saudi Arabia. Besides, it will also expand within India and become operational in Kolkata.

Also read: B2B Retail Tech Startup Arzooo Raises $7.5 Million From US-Based WRVI Capital

“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,” said Khalifa Al Daboos, deputy CEO of Investment Corporation of Dubai, in a statement.

Raising a new round at the height of a pandemic was not difficult for FreshToHome as there is a pent-up demand from investors for this category. This demand comes as people became cautious about stepping outside of their homes and standing in queues in front of vegetable shops to reduce their exposure to the coronavirus. 

Apart from selling fresh vegetables and meat, FreshToHome also does subscription-based milk delivery. The delivery has become a cakewalk as the startup has established its own supply chain network and transports items through trains and planes for faster delivery.

The major competitors for the company are Licious, Zapfresh, BBDaily, and Easymeat among a few others.

About the company: Freshtohome is an online marketplace that sells seafood, chicken, meat, fruits, vegetables, and ready to cook food products. Founded in 2015 by Shan Kadavil, the company cuts the middlemen for farmers and fishermen allowing them better control over the quality of the items and reduce the prices.

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