Fresh fish and meat e-commerce platform FreshToHome on Tuesday said it has raised US$ 121 million (approximately Rs 891.5 crore) in a Series C funding round.
The round was led by Investment Corporation of Dubai (ICD), Investcorp, Ascent Capital, the US government’s development finance institution – DFC, the Allana Group and other investors.
Iron Pillar, the lead investor from Series B participated in this round with a significant investment of $19 million, FreshToHome said.
“COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to e-commerce and we saw online demand for our products going up many folds this year,” Shan Kadavil, Co-Founder and CEO of FreshToHome, said in a statement.
The company said that the capital will support fast-paced expansion of the brand in India and the Middle East.
“We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East,” Kadavil said.
As estimated by Euromonitor International, the consumer market size of fish and meat segment in India in 2019 was US$ 94 billion.
FreshToHome said it sees approximately 15 lakh B2C (business-to-customer) orders per month and Rs 600 crore annualised sales run rate on the platform.