FreshToHome enters the unicorn club with $104 million in funding

FreshToHome, an online platform for fresh meat, fish and seafood, has raised$ 104 million in its Series D round led by Amazon Smbhav Venture Fund. Dubai- grounded E20 Investment Ltd, Bengaluru- grounded Mount Judi gambles, and Jeddah- grounded Dallah Albaraka also shared in the round. After a 28-month absence, FreshToHome has received a new fund. In October 2020, the Bengaluru- grounded establishment had dipped up$ 121 million in a Series C round. The company has raised around$ 258 million to date and surfaced as the newest contender to enter the unicorn club, still, it didn't expose the current valuation.

The company’s contender Licious traduced the$ 1 billion valuation mark in October 2021, getting the first unicorn in this space. FreshToHome plans to use the new finances to expand its presence in the Middle East, North Africa, and Saudi Arabia. According to the company, it has opened up nearly 100 metropolises in the last 18 months and UAE contributes nearly 10- 15 of its overall earnings while India is the largest exporter of fish and meat in the terrain. The incipiency has established its own force chain network and transports particulars by trains and aeroplane for briskly delivery. presently, it serves over,000 fishermen and growers and millions of guests in over 160 metropolises in India and the UAE.

For the financial time 2021- 22, FreshToHome claims that its profit numbers stood at Rs,200 crore and it expects to reach Rs,500-,000 crore topline mark in FY23. This appears to be gross profit. In comparison, Licious registered64.3 growth in its operating profit to Rs682.6 crore during FY22 as compared to Rs415.5 crore in FY21.

Together with Licious, FreshToHome also faces off against Zappfresh, BBDaily, and Easymeat, to name a few. Amazon launched the $250 million Amazon Smbhav Venture Fund in April 2021 for Indian businesses and made its initial investment in the MSME-focused finance startup M1xchange, based in Gurugram. The Good Glamm Group, Cashify, Fitterfly, and Smallcase were all supported by the fund.