FreshToHome, a fresh fish and meat e-tailer, on Tuesday said it had raised $121 million in Series C funding from investors including Investment Corporation of Dubai, DFC, Investcorp, Ascent Capital and the Allana Group. Iron Pillar, the lead investor from the earlier round, has now invested $19 million.
The funds would be used for expansion in India and West Asia, Shan Kadavil, co-founder and CEO of FreshToHome, said in an interview.
FreshToHome, currently delivers 15 lakh orders of fish and meat a month and arns an annualised revenue of over ₹600 crore, is eyeing a revenue of ₹1,500 crore by March 2021.
“Fish and meat is a whopping $94 billion market in India, as estimated by Euromonitor International, and 99.97% of it is currently managed by unorganisesd players and retail stores. We see a huge opportunity for etailing in the sector. Even single digits market share means multi-billion dollars in revenues,’’ he said.
“Also, COVID-19 has transformed the fish and meat purchasing behaviour of consumers dramatically and many have turned online for safety and convenience. We are able to deliver fish and meat 100% fresh and 0% chemical. 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,’’ Mr. Kadavil added.
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.
