Fraazo raises $50M in Series B round

fraazo funding

 Fraazo, a D2C brand in the fresh vegetables and fruits segment, announced that it has raised $50 million in a round led by WestBridge Capital and existing backers Sixth Sense Ventures, Equanimity Investments, Apar Group, along with leading Indian family offices, including Manish Choksi of Asian Paints.

The round saw a mix of equity and debt. After observing 5X growth over the last quarter, the Mumbai-based startup is preparing to reach 10 million monthly orders in the next 12-18 months. It strives to build a network of 500+ dark stores across the top 15 cities. 

At present, Fraazo operates the third-largest last-mile delivery fleet in Mumbai and Hyderabad, delivering an order every three seconds. The fresh investment allows the firm to strengthen its fulfillment network as it gears up for a multi-city launch across the country.

Established by Atul Kumar, Vikas Dosala, Sumit Rai, and Aashish Krishnatre, Fraazo claims to have a business model where it owns the integrated supply chain for fresh produce facilitating quick movement, ensuring timely deliveries, and decreasing food wastage. 

Speaking about the funding, Atul Kumar, CEO and Co-founder, Fraazo, said, “We have witnessed exponential growth organically due to a committed team with a strong bias for execution. This funding will help fuel our ambition to serve 20 million households in the next 18 months. We thank our investors for partnering with us in this journey to becoming an iconic consumer brand.”

Commenting on the investment, Sandeep Singhal, Co-founder and MD, WestBridge Capital, added, “We are impressed by Fraazo’s exceptional growth in a large market like Mumbai. With the convenience of quick home delivery and a business model that befits rapid scale-up, we’re excited to partner with Fraazo as they extend their proposition to customers across India.”

Fraazo had previously raised a total of $15 million in its Series A round led by Sixth Sense Ventures and Equanimity Investments, catapulting the brand to the market leader position in the fresh fruits and vegetable segment.

Fraazo seems to have established a strong presence in the fruits and vegetable segment. I’m sure the company will continue to reach new heights of success in the time to come. My best wishes to the team of Fraazo.

Shishir Gupta, Founder and CEO, StartupLanes

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