FreshToHome Raises ₹861 Crore From Amazon Smbhav Venture Fund

 FreshToHome is a Bangalore-based online portal for fresh meat, fish, and seafood. The company has raised ₹861 crores ($104 million) in the Series D round.

Amazon Smbhav Venture Fund led the $104 million Series D round of funding for FreshToHome, an online retailer of fresh meat, fish, and seafood. E20 Investment Ltd. from Dubai, Mount Judi Ventures. from Bangalore, and Dallah Albaraka. from Jeddah also took part in the round.

FreshToHome has received a new fund after a 28-month break. The Bengaluru-based company acquired $121 million in Series C financing in October 2020. 

The company, which is the newest candidate to join the unicorn club and has received about $258 million to date, did not provide the current valuation. In October 2021, the firm’s rival Licious crossed the $1 billion valuation threshold and turned into the industry’s first unicorn.

FreshToHome intends to use the new funding to increase its footprint in Saudi Arabia, the Middle East, and North Africa. 

The corporation claims to have opened up about 100 cities in the previous 18 months, and the UAE generates roughly 10-15% of its entire earnings. India, meanwhile, is the region’s top supplier of fish and meat.

For faster delivery, the business has built a self-supply chain network and ships goods by trains and airplanes. It currently provides services to millions of users in over 160 cities throughout India and the UAE, as well as over 4,000 farmers and fishers.

FreshToHome reports that its revenue for the fiscal years 2021–2022 was Rs. 1,200 crore, and it anticipates reaching the Rs. 1,500–2,000 crore topline milestone in the fiscal year 2023. 

It looks like this is gross income. In contrast, Licious had a 64.3% increase in operational revenue from FY21 to FY22, from Rs 415.5 crore to Rs 682.6 crore.

Along with Licious, FreshToHome also faces competition from Zappfresh, BBDaily, and Easymeat, to name a few. The Good Glamm Group, Cashify, Fitterfly, and Smallcase were all supported by the fund.

Amazon launched the $250 million Amazon Smbhav Venture Fund for Indian businesses in April 2021 and made its initial investment in Gurugram-based M1xchange, a fintech startup with a focus on MSMEs.