FreshToHome Raises $121M – The Largest Ever Series C Funding in India
News Desk, News Nation 360 : FreshToHome, the world’s largest fully integrated online brand in fresh fish and meat e-commerce raised $121M in Series C funding led by Investment Corporation of Dubai (ICD) - the principal investment arm of the Government of Dubai, Investcorp - a leading global manager of alternative investments, Ascent Capital - a leading India-focused growth capital provider, U.S. Government’s development finance institution - DFC, the Allana Group and other investors. Iron Pillar, the lead investor from Series B participated in this round with a significant investment of $19M. Barclays was an advisor for the transaction. As estimated by Euromonitor International, the consumer market size of fish and meat segment in India in 2019 was $94B. FreshToHome is the world’s largest fully integrated online brand in fresh fish and meat e-commerce, with approximately 1.5 Million (15 Lakh) B2C orders per month and $85M (~INR 600 Crore) annualized sales run rate on the platform. FreshToHome enables its marketplace sellers to source and sell high-quality meat and fish directly from livestock farmers and fishermen in most major Indian cities (Mumbai, Delhi/NCR, Bangalore, Hyderabad, Pune, Kerala and Tamil Nadu) and in the UAE. Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having been part of leadership teams of companies such as Zynga (NASDAQ: ZNGA). Some of the early backers of FreshToHome include Mark Pincus - Zynga founder, David Krane - CEO of Google Ventures, Pete Briger - Chairman of Fortress, Abdul Aziz Al-Ghurair - Chairman of Mashreq Bank, Rajan Anandan of Sequoia and other renowned investors. Gaurav Sharma, Head of Private Equity at Investcorp India added that at Investcorp, they look at companies who redefine the category with proven top-line and bottom-line impact. They believe that FreshToHome fits this bill perfectly and is poised to achieve significant scale. They look forward to this partnership and supporting the company in realising its full potential.” FreshToHome’s brand promise of “100% Fresh and 0% Chemicals” was a big enabler of its growth during the COVID-19 pandemic. Its platform was also instrumental in helping thousands of fishermen and farmers sell their produce during this crisis.
Report : Anustup Kundu