October 27th, 2020: 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.
“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”. FreshToHome stands by the brand’s assurance and creates enormous social and economic impact by enabling sellers to directly source from the fishermen and farmers with its patent-pending AI-powered supply chain technology and aided by a state-of-the-art cold chain. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East” said Shan Kadavil, Co-Founder and CEO of FreshToHome.
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.
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 .