The fish and meat delivery startup raised $104 million in its Series D funding. Amazon Smbhav Venture Fund led the latest round which saw participation from Iron Pillar, Investment Corporation of Dubai, Ascent Capital participated in the round.
FreshToHome is the largest company in the seafood and meat home delivery segment in the country.
FreshToHome is among the few startups including PhonePe and InsuranceDekho that have successfully raised funding amid the investment crunch.
Shan Kadavil, CEO and co-founder of FreshToHome in an interview with ETRetail called the brand a ‘Proficorn’, referring to a company operating in margin profitability.
The Direct to Consumer (D2C) brand is operational in 153 locations in India and 7 locations in the United Arab Emirates.
“We’ve grown about 10x in the last three or four years. Last year, we’ve seen sustainable 30-40 per cent of growth, which is a great number too. We’ve also seen bottom lines growing quite rapidly”, said Kadavil in an interview with Moneycontrol.
The company plans to use the capital for expansion into the newer market in the Middle East, by entering the Saudi Arabia market, expanding its present omni channel network and investing in existing 100 cities.
The CEO said to Moneycontrol that the company has launched 30 stores in Bangalore over the last year which has added 20 per cent to new customers.
The fish delivery startup has estimated revenue of Rs 1,500-2,000 crore for FY23 in its newsletter.
The company is working to increase its offline presence to attract customers of the traditional fish and meat buying pattern and convert them to online customers.
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