D2C Startup Fraazo Secures $50 Mn From WestBridge, Sixth Sense
- ByStartupStory | October 15, 2021
D2C Startup Fraazo, an online fruit and vegetable marketer, claimed that it had raised $ 50 million (about Rs 377 billion) in a new round of financing. The funding round was led by WestBridge Capital and existing investors Sixth Sense Ventures, Equanimity Investments, Apar Group and major Indian family offices, including Manish Choksi of Asian Paints, the company said in a statement.
“The financing round is a mix of equity and debt,” the company said
The investment enables Fraazo to strengthen its compliance network as it prepares for deployment in various cities in India. After growing 5 times in the last quarter, Fraazo is preparing to reach 10 million monthly orders in the next 18 months. The goal is to build a network of more than 500 dark stores in the 15 main cities.
Fraazo currently operates the third-largest last-mile delivery fleet in Mumbai and Hyderabad and delivers an order every three seconds. The new investment allows the company to strengthen its compliance network as it prepares for a nationwide rollout in multiple cities. Founded by Atul Kumar, Vikas Dosala, Sumit Rai and Aashish Krishnatre,
Fraazo claims to have a business model in which it owns an integrated supply chain of fresh produce that enables fast transportation, guarantees on-time deliveries and reduces food waste.
We have seen exponential organic growth from a dedicated team with a strong focus on execution, said Atul Kumar, CEO and co-founder of Fraazo.
Fraazo had previously raised a total of $ 15 million in its Series A round led by Sixth Sense Ventures and Equanimity Investments. Fraazo was founded in 2019 and currently serves over 5 lakh customers and delivers to your door in 1530 minutes.
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