India-based e-commerce start-up, Fresh To Home, with operations in the UAE, raised $121 million in a Series C funding round led by Dubai’s sovereign fund, the Investment Corporation of Dubai.
Fresh fish and meat collected directly from fishermen and farmers are sold online by the company. The latest funding will be used to expand into Saudi Arabia , the Arab world’s biggest economy, and the wider Middle East.
Shan Kadavil, co-founder and chief executive of the company, said that the current capital raise will help them to realise our full potential through rapid expansion in India and the Middle East. He also said that the company have just stepped into a very large market.
Fresh to Home claims to be the world’s largest fully integrated online brand in fresh fish and meat e-commerce. It was founded in 2015 and delivers fish, meat and vegetables directly from fishermen and farmers using AI-powered supply chain technology and cold chain logistics across UAE. They receive nearly 1.5 million orders of fresh fish and meat per month across all of its markets and its annualised sales run rate stands at about $85m. The company claims to already be one of the top five e-grocers in the UAE.
Mr. Kadavil said that the demand for their products have increased due to the corona virus pandemic since customers prefer to eat fresh fish and meat but avoid visiting markets. He further assured safety guarantee of 100 per cent fresh and no use of chemicals.
Khalifa Al Daboos, deputy chief executive of ICD, expressed pleasure in partnering with Fresh To Home and to support the vision of the management and the growth of the company. He said that the fundraising is a strong recognition of the company’s achievements and significant potential.
Gaurav Sharma, head of private equity at Investcorp India, said that Fresh To Home is one of the companies which redefine the category with proven top-line and bottom-line impact.
Others in the Series C round include Bahrain-based Investcorp, the US Government’s Development Finance Corporation and India-based Ascent Capital, Iron Pillar and Allana Group.
