India: Freshtohome raises $121m from Investment Corporation of Dubai, others

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Freshtohome, an online seller of fresh fish and meat, has raised $121 million in Series C funding led by Investment Corporation of Dubai (ICD) – the principal investment arm of the Government of Dubai, private equity firms Investcorp and Ascent Capital, 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 in a statement. Barclays was an advisor for the transaction.

“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. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realise our full potential through rapid expansion in India and the Middle East,” said Shan Kadavil, co-founder and CEO of FreshToHome.

The startup has already been operating in the UAE with support from existing large Middle East-based investors such as CE-Ventures – the corporate venture capital platform of Crescent Enterprises, the statement said.

Kadavil founded FreshToHome with Mathew Joseph in 2015. Apart from selling fresh vegetables and meat, the company also does subscription-based milk delivery. FreshToHome claims to process about 1.5 million B2C orders per month and $85 million in annualised sales on the platform. The startup had raised $20 million in Series B funding from Iron Pillar and Joe Hirao, founder at ZIGExn, Japan in August last year.

Some of the early backers of FreshToHome include Mark Pincus – Zynga founder, David Krane – CEO of Google Ventures, Pete Briger – Chairman of Fortress, Abdul Aziz Al-Ghurair – Chairman of Mashreq Bank, Rajan Anandan of Sequoia and other renowned investors.

“DFC’s first equity deal with FreshToHome demonstrates the power of our new equity tool to drive development and advance U.S. foreign policy,” said US Government’s DFC CEO Adam Boehler. “This project will support economic growth and strengthen agricultural supply chains in a key U.S. partner.”

 

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.