FreshToHome secures $121 Mn in funding from Investment Corporation of Dubai
The company aims to expand in Indian cities and the Middle East.
FreshToHome, an online brand in fresh fish and meat e-commerce, announced that it has raised USD 121 million funding. The funding round was led by Investment Corporation of Dubai, Investcorp, Ascent Capital, DFC, Allana Group and other investors.
Barclays was the advisor for the transaction, it added. Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai, while Investcorp is a global manager of alternative investments and DFC is a US government development finance institution.
Shan Kadavil, co- founder and CEO of FreshToHome said, “COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically and due to safety concerns, consumers made the habit-forming shift to e-commerce”.
He also added that we saw online demand for our products going up many folds this year. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realise our full potential through rapid expansion in India and the Middle East.
FreshToHome claims to be 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 USD 85 million (about Rs 600 crore) annualised sales run rate 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 and the UAE.