FreshToHome raised $104 M Series D funding from Amazon Smbhav Venture Fund
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 new financing after a 28-month hiatus. The Bengaluru-based company acquired $121 million in Series C financing in October 2020. The business, 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, Licious, a rival business, crossed the $1 billion value threshold and became the first unicorn in this industry.
The additional funding will be used by FreshToHome to increase its footprint in Saudi Arabia, the Middle East, and North Africa. In the previous 18 months, the firm has opened up about 100 cities, and the UAE generates roughly 10-15% of its entire profits. India, meantime, is the region’s top supplier of fish and meat.
The business has built its own supply chain network and ships goods by rail and airplane to ensure a quick delivery. In more than 160 locations in India and the UAE, it currently provides services to millions of clients as well as more than 4,000 farmers and fishermen.
According to FreshToHome, its revenue for the fiscal years 2021–2022 was Rs 1,200 crore, and it anticipates its top line for the fiscal year 2023 to be between Rs 1,500 and 2,000 crores. This seems to be gross income. Comparatively, Licious had an increase in operating income of 64.3%, from Rs 415.5 crore in FY21 to Rs 682.6 crore in FY22.
Together with Licious, FreshToHome also faces off against Zappfresh, BBDaily, and Easymeat.
Amazon made its first investment in Gurugram-based, MSME-focused financial firm M1xchange in April 2021, when it unveiled the $250 million Amazon Smbhav Venture Fund for Indian companies. Also supported by the fund are The Good Glamm Group, Cashify, Fitterfly, and Smallcase.
