FreshToHome raised $121 funding.

On Tuesday, FreshToHome, an online e-commerce brand for fresh fish and meat, said it raised USD 121 million (about Rs 890.8 crore) in funding led by Dubai Investment Corporation, Investcorp, Ascent Capital, DFC, Allana Group and other investors.

Iron Pillar, the lead investor in the previous Series B round, also participated with an investment of USD 19 million in this round (series C), a statement said.

The Investment Corporation of Dubai (ICD) is the Government of Dubai’s primary investment arm, while Investcorp is the Global Alternative Investment Manager, and DFC is the US Government’s development finance institution.
COVID-19 has drastically changed consumers’ fish and meat buying actions, and consumers have made the habit-forming move to e-commerce due to safety concerns, FreshToHome co-founder and CEO, Shan Kadavil, said.

Freshtohome is an online grocery store offering to its customers a variety of seafood and meat. The variety of items on the website includes fish, poultry, mutton, steaks and fillets. Shell, freshwater, and marine fish consist of fish. In addition, it helps vendors to supply the website with their fish and meat. Shan Kadavil opened Freshtohome in 2015 and it is based in Bangalore.

The consumer market size of the fish and meat segment in India in 2019 was estimated at USD 94 billion, according to a study by Euromonitor International.

FreshToHome claims to be the world’s largest fully integrated online fresh fish and meat e-commerce brand with approximately 1.5 million B2C orders each month and an annualized sales run rate of USD 85 million (approximately Rs 600 crore) on the website.

FreshToHome allows its market vendors in most major Indian cities and the UAE to source and sells high-quality meat and fish directly from livestock farmers and fishermen.