FreshToHome, an India-based online retailer of fresh poultry and seafood, announced late last month that it had raised $121 million in funding from several international investors including one from Bahrain.
Among the participants in the Series-C round were Bahrain-based Investcorp, Ascent Capital, the UAE’s Investment Corporation of Dubai, the U.S. Department Finance Corporation, Iron Pillar, and the Allana Group.
FreshToHome’s platform enables vendors to source and sell meat and fish directly from livestock farmers and fishermen throughout India and also some parts of the UAE. With the success of the latest round, the startup is currently valued at an impressive $300-$350 million.
Shedding light into the decision to invest in FreshToHome, Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai, noted: “ FreshToHome is a leader in leveraging AI-based technology and business innovation to bring a superior value proposition to customers and suppliers in a large and important market. At ICD, we seek to partner with companies like FreshToHome that are able to break new ground for the greater good while also enjoying a large shareholder value creation opportunity.”
Commenting on the growth of FreshToHome during the COVID-19 pandemic, co-founder and CEO Shan Kadavil said: “COVID-19 transformed the fish and meat purchasing behavior of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to e-commerce and we saw online demand for our products going up many folds this year thanks to the safety guarantee of “100% Fresh and 0% Chemicals.”
The company claims to process approximately 1.5 million orders each month, which brings it nearly ($8M) in annual revenue as of last year.