Venture Capital: Indian Meat Delivery Startup FreshToHome Raises Amazon-Backed $104M Funding

February 22, 2023 | News, Venture Capital

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

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