Mumbai-based Fraazo, a direct-to-consumer (D2C) brand in the fresh vegetables and fruits category, has raised $50 million in a fresh funding round led by WestBridge Capital and existing backers Sixth Sense Ventures, Equanimity Investments, Apar Group, along with Indian family offices, including Manish Choksi of Asian Paints.
The funding round is a mix of equity and debt, the company said in a statement.
The investment will enable Fraazo to strengthen its fulfillment network as it prepares for a multi-city launch across India. Founded by Atul Kumar, Vikas Dosala, Sumit Rai, and Aashish Krishnatre, Fraazo operates a last-mile delivery fleet in Mumbai and Hyderabad for the supply of fresh produce.
Fraazo claims to have witnessed 5X growth over the last quarter and is gearing up to reach 10 million monthly orders in the next 12-18 months. The company aims to create a network of 500+ dark stores across the top 15 cities.
“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,” said Fraazo CEO and co-founder Atul Kumar.
Fraazo had earlier raised a total of $15 million in its Series A round led by Sixth Sense Ventures & Equanimity Investments. The startup competes with the likes of Ninjacart and Bigbasket.