FreshToHome, the Bengaluru-based online meat and fish selling startup, is reportedly in talks with numerous investors including Investcorp, Raed Ventures, Middle East Oils and Grains, the US International Development Finance Corporation (DFC) to secure USD 130 million in a fresh round of funding.
Existing investors Ascent Capital and Iron Pillar, and new backer David Wehner, the CFO at Facebook, also participated in this round. Ascent Capital previously invested around USD 16.2 million, while DFC has committed to USD 20 million.
According to sources familiar with the knowledge of the matter, the funding round valued the D2C fresh foods firm at $380-$400 million. The final deal is expected to close in the next few weeks. The investment round strengthens investor appetite in the D2C online delivery segment, a business that boosted after the COVID-19 pandemic.
For the record, FreshToHome competes with Big Basket, Licious, and smaller startups including ZappFresh, TenderCuts. The company’s expertise lies in its direct sourcing, cold storage capabilities, and supply and distribution network. Investors worldwide have also been attracted by its strong focus on offering fishermen and farmers with technology and capital support.
Established in 2015 by Mathew Joseph and Shan Kadavil, the company currently delivers meat and fish products along with ready-to-eat foods, vegetables, and fresh fruits, to across seven cities. In the previous year, the firm expanded its footprint to the UAE and is expected to move towards other Gulf nations.
As per reliable reports, FreshToHome’s day-to-day orders in the UAE have increased 83 percent since March, with the average value per order surging by 75 percent to 93 dirhams ( around Rs 1,850). It is an e-commerce platform for fresh food items including tender mutton, antibiotic-residue free chicken, and 150 types of chemical-free fish to its customers.
Source credit - https://tech.economictimes.indiatimes.com/news/startups/freshtohome-in-talks-for-a-fresh-130-million-funding/78630656