Venture Capital: Indian Meat Delivery Startup FreshToHome Raises Amazon-Backed $104M Funding
Amazon invested through Smbhav, its India-focused venture fund.
FreshToHome, a Bengaluru-based fresh fish and meat retailer, has raised $104 million in a Series D funding round led by Amazon’s Smbhav Venture Fund. Existing investors, including Iron Pillar, Investcorp, Investment Corporation of Dubai, Ascent Capital, and others, also participated in the funding round, while new investors like E20 Investment Ltd, Mount Judi Ventures, and Dallah Albaraka joined in. (Moneycontrol)
FreshToHome has termed itself a ‘proficorn’ as it is operationally profitable. The latest fundraising comes two years after its Series C round when the startup raised $121 million.
The company is currently operating in 153 cities in India and seven locations in the United Arab Emirates (UAE). The funds will be used to invest more in 100 cities out of the 160 cities it is present in, expand into Saudi Arabia, which is the largest market in the Gulf Cooperation Council (GCC), and expand its omni-channel network.
The company also plans to increase manpower at mid-management levels, hire primarily on the operations side, and open 100 retail stores in all major metros over the next year.
The startup also aims to go public in two to three years.
In terms of profitability, FreshToHome is operationally profitable, and its CEO, Shan Kadavil, says profitability is not far off. The company has seen a sustainable growth of 30-40% over the last year, and it derives 15% of its revenues from the UAE.
The growth has gone down, but it continues to be healthy at 40-50% YoY basis, a very high base, as opposed to pandemic growth which was high on a lower base.
Related Story: Amazon Launches $250M SMB And Tech-Focused Venture Fund In India
Latest Alternative Investment News
Digital Assets: Ledger, Maker Of Crypto Security Hardware, Raises Nearly All Of $100M Series C Round
Paris-based startup Ledger, which makes hardware wallets for cryptocurrency investors, has raised €100m ($109m) in funding, valuing the company at €1.3bn. The round was led by investors including Digital Finance…
FinTech: Cogo And Eliq Partner To Help Banking Customers Enhance The Energy Efficiency Of Their Homes
Cogo, a fintech which collaborates with banks to assist customers in decreasing their carbon footprint as a carbon footprint management firm, is partnering with Eliq, a company that specializes in…
Venture Capital: The LSP Dementia Fund Closes €260M (US$283M) To Address Dementia, One Of The Most Significant Health Crises Of Our Era
The LSP Dementia Fund has reached a final close at €260 million (US$ 283 million), surpassing its initial target of €100 million. The fund, which is managed by EQT Life…
Artificial Intelligence: The DAGGER AI Model Gives Advance Warning Of Dangerous Solar Storms
Researchers have developed an AI-based model that combines satellite data and machine learning to predict where an impending solar storm will strike on Earth, offering 30 minutes of advance warning….