FreshToHome, a fish and meat ecommerce platform that primarily operates in India and the U.A.E has raised US$121 million in a Series C financing round according to a press statement by the company. The statement also noted that this is the largest funding in Indian consumertech.
The round of financing was led by Investment Corporation of Dubai (the principal investment arm of the government of Dubai), Investcorp, Ascent Capital, the U.S. government’s development finance institution (DFC) and the Allana Group and other investors according to the statement.
This new funding brings FreshToHome’s total funding to US$151 per crunchbase’s data.
Founded in 2015, the startup delivers fresh fish and meats to customers in several cities in India and the U.A.E. According to co-founder and chief executive officer Shan Kadavil, the startup is processing about 1.5 million orders a month, up from 420,000 monthly orders last year.
“We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East,” said Shan Kadavil, Co-Founder and CEO of FreshToHome.
“We are targeting $200 million sales in 2021 while maintaining current EBITDA profitability in mature cities through deeper supply chain integration on the platform,” added Kadvil.
“FreshToHome is a leader in leveraging AI-based technology and business innovation to bring a superior value proposition to customers and suppliers in a large and important market,” said Khalifa Al Daboos, deputy CEO of Investment Corporation of Dubai, in the statement.