FreshToHome, an online brand in fresh fish and meat e-commerce, on Tuesday said it has raised USD 121 million (about Rs 890.8 crore) in funding led by Investment Corporation of Dubai, Investcorp, Ascent Capital, DFC, Allana Group and other investors.
Iron Pillar, the lead investor from the previous series B round, also participated in this round (series C) with an investment of USD 19 million, a statement said.
Barclays was the advisor for the transaction, it added.
Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai, while Investcorp is a global manager of alternative investments and DFC is a US government development finance institution.
COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically and due to safety concerns, consumers made the habit-forming shift to e-commerce, FreshToHome co-founder and CEO Shan Kadavil said.
“…we saw online demand for our products going up many folds this year…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,” he added.
According to a report by Euromonitor International, the consumer market size of fish and meat segment in India in 2019 was estimated to be at USD 94 billion.
FreshToHome claims to be the world’s largest fully integrated online brand in fresh fish and meat e-commerce, with approximately 1.5 million B2C orders per month and USD 85 million (about Rs 600 crore) annualised sales run rate on the platform.
FreshToHome enables its marketplace sellers to source and sells high-quality meat and fish directly from livestock farmers and fishermen in most major Indian cities and the UAE.
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.
“DFC’s first equity deal with FreshToHome demonstrates the power of our new equity tool to drive development and advance U.S. foreign policy,” said US Government’s DFC CEO Adam Boehler.
This project will support economic growth and strengthen agricultural supply chains in a key US partner, he added.
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