An Indian e-commerce startup called FreshToHome, which offers fresh fruits, vegetables, fish, poultry, and other types of meat, has acquired $121 million in a new round of funding as it reports increased growth sparked by the coronavirus outbreak. The company is based in Bangalore.
Farmers and fishermen electronically bid for their most recent yields (as required by regional rules) on the platform. By eliminating the intermediaries, they can exert more control over the quality of the products and lower prices along with FreshToHome. (Indian meat and vegetable sales are still mostly disorganised.) The business also has its own supply chain network and ships goods by train and aircraft.
The app operates using a straightforward and gamified architecture. When a fisherman opens the app, the camera “reads” the fish and determines its size and variety. The fisherman then bases his price on this information. At the other end, one or two “feet on the street” participate in auctions, purchase the catch, and deliver it to the appropriate hubs while keeping it chilled.
GROWTH OF FRESHTOHOME
According to Shan Kadavil, co-founder and CEO of FreshToHome, the firm, which provides its service in numerous major Indian cities like Delhi, Mumbai, Pune, Bangalore, and Hyderabad, processes roughly 1.5 million orders each month, up from 420,000 monthly orders last year. And according to Khalifa Al Daboos, deputy CEO of the Investment Corporation of Dubai, “FreshToHome is a leader in utilizing AI-based technology and business innovation to deliver a superior value proposition to customers and suppliers in a vast and vital market.”
The firm, which generates $85 million in recurring income annually, wants to reach $200 million next year. According to Kadavil, FreshToHome has reached EBIDTA profitability (making a profit if interest, taxes, depreciation, and amortization costs are excluded) in a number of developed cities and will now expand to new regions. It already conducts business in the UAE and intends to do so in Saudi Arabia. Additionally, it intends to grow within India and have an office in Kolkata.
The firm provides fresh meat and seafood without the use of chemicals in Bengaluru, Delhi-NCR, Chennai, Trivandrum, Cochin, and Thrissur. The marketplace provides a variety of goods, such as fish, poultry, mutton, steaks, and fillet. The team currently has more than 60 trucks, 1,500 personnel, and 100 hubs spread throughout India and Dubai. Over a million orders are placed each month by the business, which launched in 2015 and has received $31 million in funding to date.
START OF FRESHTOHOME
The company was founded in 2015 by Kadavil and Mathew Joseph along with a group of important Zynga employees. Rajan Anandan, Mark Pincus, and David Krane are just a few of the angel investors who support the business.
With participation from Das Capital, Kortschak Investments, TTCER Partners, Al-Nasser Holdings, M&S Partners, Al-Nasser Holdings & Abdul Azeez Al-Ghurair from the UAE, PLB other Asia, and Valley-based Investors, the company closed its $11 Mn Series A funding round in November 2018. CE Ventures led the round.