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FreshToHome raises $121M, the largest ever Series C funding in India

Saransh Pandey

Intern
  • December 02, 2020
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    As estimated by Euromonitor International, the consumer market size of the fish and meat segment in India in 2019 was $94B.

FreshToHome, the world’s largest fully integrated company in fresh fish and meat e-commerce has raised $121M in Series C funding. The funding round was led by Investment Corporation of Dubai (ICD), which is the principal investment arm of the Government of Dubai, Investcorp a leading global manager of alternative investments, Ascent Capital a leading India-focused growth capital provider, U.S. Government’s development finance institution, DFC, the Allana Group and other investors. Iron Pillar, the lead investor from Series B participated in this round with a significant investment of $19M. Barclays was an advisor for the transaction. 

As estimated by Euromonitor International, the consumer market size of the fish and meat segment in India in 2019 was $94B. FreshToHome is the world’s largest fully integrated online brand in fresh fish and meat e-commerce, with approximately 1.5 Million B2C orders per month and $85M annualized sales on the platform. FreshToHome enables its marketplace sellers to source and sells high-quality meat and fish directly from livestock farmers and fishermen in most major Indian cities (Mumbai, Delhi/NCR, Bangalore, Hyderabad, Pune, Kerala, and Tamil Nadu) and in the UAE. 

Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having been part of leadership teams of companies such as Zynga.  Some of the early backers of FreshToHome include Mark Pincus – Zynga founder, David Krane – CEO of Google Ventures, Pete Briger – Chairman of Fortress, Abdul Aziz Al-Ghurair – Chairman of Mashreq Bank, Rajan Anandan of Sequoia, and other renowned investors. 

FreshToHome’s brand promise of “100% Fresh and 0% Chemicals” was a big enabler of its growth during the COVID-19 pandemic. Its platform was also instrumental in helping thousands of fishermen and farmers sell their produce during this crisis. 

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