An online meat and fish seller has raised $121 million in a growth funding round to support its expansion in India and the Middle East.
The fundraising by FreshToHome was led by Investment Corporation of Dubai—an investment arm of the Government of Dubai—Investcorp, Ascent Capital, U.S. government's development finance institution DFC, and Allana Group, among others, the startup said in a statement. Existing investor Iron Pillar, too, infused $19 million.
“Covid-19 has transformed the fish and meat purchasing behavior of consumers dramatically,” Shan Kadavil, co-founder and chief executive officer at FreshToHome, said in the statement. The firm, Kadavil said, saw online demand for its products go up manifold.
Founded in 2015, the startup sells fresh vegetables, fish, chicken and other kinds of meat, across Delhi, Mumbai, Pune, Bengaluru and Hyderabad. It's also present in overseas markets such as the U.A.E. It claims to directly source the products from farmers or fishermen. The firm, according to the statement, receives 1.5 million orders per month, and expects to close the ongoing financial year with $85 million in revenue.
FreshToHome competes with startups such as Licious, Zappfresh and even large online grocery firms such as Big Basket in India's fresh meat market.
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