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FreshToHome in Talks to Raise 130 Million USD

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The Bengaluru-based online marketplace for perishable goods, FreshToHome (1), is finalizing a 130 million USD funding round. It secured the latest allocations from Investcorp, Raed Ventures, a Saudi corporate venture firm, Middle East Oils, and Grains, and DFC, US International Development Finance Corporation.

The existing investor of the company, Iron Pillar, and Ascent Capital, along with the new backer David Wehner, the CFO, Chief Financial Officer of Facebook, also participated in the funding round. Notably, the FreshToHome has previously secured about 31 million USD from Iron Pillar, Das Capital, CE Ventures, and a cohort of angel investors.

Ascent Capital has already poured approximately 16.2 million USD, while DFC has committed around 20 million USD. The current funding round would value the direct-to-consumer fresh food firms at about 380 to 400 million USD after receiving the fundings.

FreshToHome to leverage AI and IoT into Its Supply Chain, Food Safety, and Procuring Processes

In 2019, FreshToHome secured 11 million USD in its Series A funding round led by CE Ventures. Notably, Das Capital, TTCER Partner, Kortschak Investments, AL-Nasser Holdings, M&S Partners, AL-Nasser Holdings, and Abdul Azeez Al-Ghurair of UAE, PLB, other valley-based and Asia Investors.

Shan Kadavil and Mathew Joseph founded FreshToHome in 2015. The Bengaluru-based startup aims to leverage artificial intelligence, AI, and the internet of things (IoT) into its processings. It includes a cold chain, food safety, and sourcing processes.

According to the resources, FreshToHome is managing to sell nearly 10K tons of produce each year. Notably, it has close to over 95 percent cohort retention and doubling each year. The sources added that the company has more than 12 lakh registered users.

The startup is an online grocery store that offers several ranges of seafood and meat to its users. FreshToHome provides a range of products, including fish, poultry, mutton, steaks, and fillet. They offer shell, freshwater, and marine in fishes. Moreover, they also enable their supplier to supply their produce like seafood and meat on its web portal.

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