E-grocer plans expansion in UAE, Saudi Arabia and India
FreshToHome, reportedly the world’s largest fully integrated online brand in fresh fish and meat e-commerce, recently raised US$ 121mn in a consortium Series C-funding led by Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai; Investcorp-a leading global manager of alternative investments; Ascent Capital-a leading India-focused growth capital provider; US Government’s development finance institution-DFC; the Allana Group and other investors.
Iron Pillar, the lead investor from Series B participated in this round with a significant investment of US$ 19mn.
“FreshToHome stands by the brand’s assurance and creates enormous social and economic impact by enabling sellers to directly source from the fishermen and farmers with its patent-pending AI-powered supply chain technology and aided by a state-of-the-art cold chain,” affirmed Shan Kadavil, Co-Founder and CEO, FreshToHome.
“This successful fundraising is a strong recognition of the company’s achievements and significant potential,” noted Khalifa Al Daboos, Deputy CEO, Investment Corporation of Dubai.
Support from its existing large Middle East-based investors such as CE-Ventures, the corporate venture capital platform of Crescent Enterprises, significantly helped in aiding its expansion in the UAE, where it is already one of the top 5 e-grocers.
FreshToHome is also planning to expand to other key GCC markets such as Saudi Arabia, the press communiqué concluded.
