New Delhi: Online meat delivery company FreshToHome has raised $104 million in its Series D round. Round was led by Amazon Smbhav Venture Fund. The platform provides fresh meat, fish and seafood, founded in 2011 by Shan Kadavil. Bengaluru-based Mount Judi Ventures, Dubai-based E20 Investment Ltd, and Jeddah-based Dallah Albaraka also participated in the round.
After a gap of 28 months, the fresh fund has come to FreshToHome. The startup plans to utilise these funds to expand its presence in the Middle East, North Africa, and Saudi Arabia. As per the company, it has open
nearly 100 cities in the last 18 months, in which UAE contributes nearly 10-15% of its overall revenues, while our nation is the largest exporter of meat and fish in the geography.
The startup has established its supply chain network for the fastest delivery and transport items by trains and planes. Currently, the platform offers millions of customers in over 160 cities in India and the UAE, serving over 4,000 fishers and farmers.
For the fiscal year 2021-22, FreshToHome’s revenue figures stood at Rs 1,200 crore, and in FY23 it expects to reach Rs 1,500-2,000 crore topline mark. This appears to be gross revenue. In comparison, Licious registered growth in its operating revenue of 64.3% to Rs 682.6 crore during FY22 as compared to Rs 415.5 crore in FY21.
Along with Licious, FreshToHome competes with BBDaily, Zappfresh, and Easymeat, among a few others.
In April 2021, Amazon announced a $250 million Amazon Smbhav Venture Fund for Indian startups in April 2021, and it made its first investment in Gurugram-based M1xchange, a fintech startup with a focus on MSMEs. The fund has also backed The Good Glamm Group, Fitterfly, Cashify, and Smallcase.
