The round also saw participation from Das Capital, Kortschak Investments, TTCER Partners, Al-Nasser Holdings, M&S Partners, Al-Nasser Holdings & Abdul Azeez Al-Ghurair from UAE, PLB other Asia and Valley-based Investors, said a company statement.
Founded in 2015 by Shan Kadavil and Mathew Joseph, the startup is currently operational in Bengaluru, Delhi/NCR, Kerala, Chennai and Dubai, and now plans to expand its operations in all tier-I cities of India including Mumbai, Hyderabad and Pune.
The startup will also use the funding to strengthen sourcing supply chain by extending its patent pending sourcing technology to fishermen and farmers across India, the statement added.
“We are disrupting the food supply chain in India with our patent pending commodities exchange technology offering food that is free of added chemicals to end consumers and a fair price to the producers. Most of our capital has gone into re-inventing the food supply chain,” Kadavil, founder and CEO, FreshToHome said.
“We currently sell meat and fish sourced from over 1,500 fishermen and farmers on our platform, using our state-of-the-art technology backed with cold chain infrastructure, a fleet of dedicated refrigerated trucks, using the hub and spoke distribution model from four large processing factories to ensure traceability and food safety,” he added.
The startup claims to have over 400,000 customers across four cities, connecting with local fishermen across 125 coasts in India with a business turnover of over Rs 12 crore GMV per month on its marketplace.
Freshtohome also counts Rajan Anandan, Mark Pincus, and David Krane, among its investors.
“The meat and seafood segment in India is pegged to be a $30 billion market, but we have to keep in mind that it’s a highly fragmented industry. FreshToHome.com is not only trying to streamline the industry, they’re also using technology to revolutionise the way the industry functions by disintermediating the supply chain, eliminating the middleman, and working directly with the fishermen and farmers in a market place model to make fresh and chemical free food accessible to the masses at large,” CE Ventures director Tushar Singhvi said.
Freshtohome’s competitor in the space, Licious, had raised $25 million in a Series D round led by Japanese conglomerate Nichirei Corp. in December last year. It had raised a similar amount in September from Bertelsmann India Investments, Vertex Ventures, UCLA, Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital.
A month prior, Jaipur-based meat retail chain operator A&R Bon Vivants Pvt. Ltd raised a little over $1 million from Singapore-based boutique venture fund RB Investments. A&R Bon Vivants runs a chain of stores under the brand name Let’s Meat.