India: Fraazo snags $50m funding from WestBridge, Sixth Sense Ventures

Photo by Sven Scheuermeier on Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.