Leading online brand in fresh fish and meat e-commerce FreshToHome, has raised Rs 890.8 crore in funding led by Investment Corporation of Dubai, Investcorp, Ascent Capital, DFC, Allana Group and other investors.
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.
FreshToHome co-founder and CEO Shan Kadavil said, “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.”
Also Read: Skoda Auto enters used car business in India
“…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.
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 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.