Dubai's ICD, Bahrain-based Investcorp invest in India's FreshToHome

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News • 28 October, 2020

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Source: Money Control

FreshToHome, an online retailer of seafood and poultry said on October 28 that it has raised $121 million in a Series C funding round led by the Investment Corporation of Dubai, Bahrain-based Investcorp, Ascent Capital, the US Development Finance Corporation, the Allana Group and its existing backer-venture firm Iron Pillar.

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). In the current round, the startup was valued between $300-350 million, a person familiar with the matter 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,” said Shan Kadavil, co-founder and CEO of FreshToHome

FreshToHome currently processes 15 lakh orders a month, and has an annual revenue run rate of Rs 600 crore, the company 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,” said Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai.

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