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Wednesday, April 24, 2024

Amazon-backed startup FreshToHome secures $104M funding

FreshToHome, an online marketplace for fresh meat, fish, and seafood, has secured $104 million in funding headed by Amazon Sambhav Venture Fund.

FreshToHome, an Indian business that offers fresh fish and meat to customers in South Asia and the Middle East, has a new investor: Amazon.

Amazon led a $104 million Series D fundraising round in the Bengaluru-based business through its India-focused Smbhav Venture Fund, the two companies said.

The government of Dubai and Iron Pillar also participated in the fresh round of funding for the firm, which also has the support of the American government’s development agency. This is the largest cheque issued by the $250 million Smbhav Venture Fund to date. The current round brings FreshToHome’s total funding to more than $250 million.

FreshToHome, founded in 2015, is one of the most prominent firms vying for a piece of the $100 billion Indian fish and meat market.

Shan Kadavil, co-founder and CEO of FreshToHome, told TechCrunch in an interview that the firm needed around seven years to build its competitive moat. Unit economics is the second competitive moat. According to Kadavil, the firm is operationally profitable and “proficorn.” (Of course, profiticorn is the result of soonicorn and profitability).

FreshToHome now serves over 4,000 fishermen and farmers, as well as millions of customers, in over 160 locations across India and the UAE, and provides over 2,000 certified fresh and chemical-free items. He claims that the startup’s footprint has increased by more than 100% in the last year.

FreshToHome, which now sells the great majority of its items online, notably on Amazon, is also growing its physical presence. An investment in FreshToHome might be Amazon’s way of temporarily ceding the meat and fish markets to the upstart.

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