FreshToHome Secures $121 Million in Series C Funding
FreshToHome, the leading fresh fish and meat e-commerce platform, has successfully raised $121 million in a Series C round of funding. The investment was spearheaded by prominent entities including the Investment Corporation of Dubai (ICD), the U.S. Government’s development finance institution – DFC, Investcorp, Allana Group, and other notable investors.
A Vision for Expansion and Growth
FreshToHome’s co-founder and CEO, Shan Kadavil, revealed that the company is on a mission to double its revenue to ₹1,500 crore within the next year. He emphasized that FreshToHome is not just another marketplace but is, in fact, the world’s largest vertically integrated platform. Kadavil attributed the company’s rapid growth to its unique value proposition, particularly its focus on health, immunity, and safety amid growing concerns over the safety of traditional wet markets.
Leveraging Advanced Technology and Supply Chain Expertise
FreshToHome operates a robust supply chain network powered by its patent-pending AI technology, enabling seamless sourcing and delivery of fresh produce. The company collaborates with over 1,500 fishermen and farmers nationwide, in addition to engaging in contract farming initiatives. Kadavil highlighted the importance of leveraging technology and a state-of-the-art cold chain infrastructure to ensure the freshness and quality of its products.
Strategic Partnership for Growth
Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai, expressed the institution’s commitment to partnering with innovative companies like FreshToHome that not only drive value creation but also contribute positively to societal welfare. This strategic partnership reflects ICD’s vision of supporting ventures with significant potential for growth and positive impact.
Impressive Growth Trajectory
FreshToHome has experienced exponential growth, with its revenue surging fourfold over the past 12 months. Notably, the company witnessed a 2.5X growth during the lockdown period, underscoring shifting consumer preferences towards online purchasing for fresh food items. Kadavil emphasized that FreshToHome’s commitment to quality and freshness has garnered strong customer loyalty, boasting an impressive 96% retention rate.
Future Outlook
With the infusion of fresh capital and a growing customer base, FreshToHome is poised for further expansion across India and the Middle East. Kadavil outlined ambitious plans to capitalize on the company’s momentum, targeting annualized sales of ₹1,500 crore within the next 12 months. As FreshToHome continues to disrupt the traditional fresh food market, its innovative approach and unwavering focus on quality position it for continued success in the burgeoning e-commerce landscape.
