FroGo Secures $1.15 Million in Seed Funding Led by Inflection Point Ventures
- ByStartupStory | November 2, 2023
FroGo, a tech platform specializing in frozen foods, has successfully raised $1.15 million in a seed funding round, with Gurugram-based angel investment firm Inflection Point Ventures taking the lead. Other prominent investors, including Ritesh Agarwal of OYO, Ankit Nagori of Curefoods, Desai Ventures, the FAAD network, and various active investors, also participated in the funding.
Launched in 2022 by Mira Jhala, FroGo operates as a comprehensive frozen foods platform that ensures zero-temperature loss during distribution and retail processes. It caters to India’s substantial $20 billion frozen food industry and began its operations in the Delhi-NCR region, where it manages 15+ dark stores, processing over 7,000 orders monthly for frozen food products.
Ivy Chin, a Partner at Inflection Point Ventures, praised FroGo’s approach to addressing challenges in the frozen food sector through their temperature monitoring platform. He said, “While the demand for frozen food is growing and has a substantial market potential, what needs significant attention is the cold chain Industry. Forgo is disrupting the frozen food ecosystem by addressing the challenges faced by the industry with their temperature monitoring platform.”
The funds raised will be utilized to drive growth by expanding to 50 Dark Stores across four cities and further developing technology with integrated temperature monitoring capabilities.
Ankit Nagori, Founder of Curefoods, highlighted the significant market size and potential for growth in the frozen food industry by stating, “The frozen food industry is a large and growing category, with significant market size and potential for further expansion. FroGo is focusing on building a strong distribution network with focus on enhanced customer experience while leveraging the right technology.”
Mira Jhala, the founder of FroGo, discussed the growth of the frozen food category in Indian
households and recognized both the challenges and opportunities in this space. She emphasized “Over years of running food tech businesses in both B2B and B2C domain, I have seen the frozen food category grow massively. Several frozen foods are becoming staples in Indian households. Consumers are moving rapidly to online, and manufacturers have a great bouquet of frozen food products which they want to deliver to the end consumer.”
FroGo targets the vast $20 billion frozen foods market, aiming to resolve supply chain issues with its Sub-zero Single Temperature Supply Chain approach and real-time temperature monitoring technology. The company plans to establish a network of dark stores nationwide and strengthen its position as a category leader in the frozen foods industry.
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The future of the frozen food market looks promising, with the sector expected to reach $43 billion by 2027. Consumer appeal for frozen products, such as ice cream, Kulfi, green peas, and French fries, is on the rise. The ice cream industry is growing at a rate of 17%, and the e-commerce grocery business is set to increase its market share from 5% to 20%.
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