FreshToHome, the India-based operator of an e-commerce platform that sells fresh food, has received $121m in series C funding from investors including food product exporter Allana Group, TechCrunch reported yesterday.
The state-owned Investment Corporation of Dubai led the round, which also featured alternative investment manager Investcorp, growth equity firm Ascent Capital, venture capital fund Iron Pillar and DFC, the development finance institution owned by the US government.
Founded in 2015, FreshToHome runs an online platform that allows users to buy fresh, chemical-free fruit and vegetables, seafood and meat bought directly from farmers or fishermen who can negotiate rates electronically.
The company maintains its own supply chain and offers contact-free delivery. Shan Kadavil, its co-founder and chief executive, told TechCrunch its orders have increased from 420,000 a month in 2019 to 1.5 million this year as the coronavirus pandemic drives more business online.
Iron Pillar led FreshToHome’s $20m series B round in August 2019, investing together with diversified trading group Al-Nasser Holdings, holding company Massar International, CE Ventures, TTcer Partners and Sin Growth Partners.
Al-Nasser Holdings, CE Ventures, TTcer Partners, Das Capital, Kortschak Investments and M&S Partners had supplied $11m in series A funding for the company three months earlier.
