Startup FreshToHome, which sells fish meat and poultry products, has raised USD 104 million from Amazon Smbhav Venture Fund and other investors to expand business including opening up of 100 physical retail stores.
Launched in 2015, FreshToHome operates in more than 160 cities in India and the UAE and offers more than 2,000 certified fresh and chemical-free products. “We have raised USD 104 million fund in Series D round,” FreshToHome CEO & co-founder Shan Kadavil told PTI. He did not disclose the valuation at which the fund has been raised.
Asked about use of fund, Kadavil said the company will go deeper into the 160 cities in India and will also expand its retail stores to 130 from 30 over the next 12 months. The company will also look at expanding into more countries. At present, he said, the company has an annualised revenue of around Rs 1,100 crore, of which 85 per cent are from India. The existing investors, including Iron Pillar, Investcorp, Investment Corporation of Dubai (the principal investment arm of the government of Dubai), Ascent Capital and others, have also participated in the Series D round.
New investors joining this round included E20 Investment Ltd, Mount Judi Ventures and Dallah Albaraka. The current funding will help in achieving its objective to make 100 per cent preservative and antibiotic-residue free fish, seafood, and meat accessible and affordable to millions of meat lovers. “We are now a ‘Proficorn’ with operational profitability across the company. As we strive to offer more value to our farmers and fishers, customers, employees and investors, our focus is on profitability and sustainable value creation,” he said.
Amazon Smbhav Venture Fund spokesperson stated that the FreshToHome management team has created a robust technology enabled supply chain and scalable backward integrated capabilities to serve both customers as well as farmers and fishers. Two years ago, FreshToHome raised USD 121 million in its Series C round.