Meat and Seafood startup FreshToHome is in talks to raise a funding of around $100 million eying the unicorn valuation
- ByStartupStory | June 18, 2022
D2C meat and seafood startup FreshToHome is eyeing a Series D funding round at a post-money valuation of more than $1 Bn. The new funding round could include participation from Abu Dhabi Investment Office (ADIO) and existing investors such as private equity firm Investcorp, valuing the Bengaluru-based startup at more than $1 billion.
The new round will include investors from Dubai, Bahrain, and Saudi Arabia, where FreshToHome has aggressively expanded its offerings in recent years. Also, the startup is looking to raise $100 million to $150 million in the Series D round. Shan Kadavil, co-founder and CEO of FreshToHome, has been camping in the UAE for the past month, meeting with investors to finalise the terms of the deal.
FreshToHome recently raised $121 million in Series C funding led by Investment Corporation of Dubai (IC), the primary investment arm of the Government of Dubai, private equity firms Investcorp and Ascent Capital, the US government’s development finance institution FC, the Allana Group, and other investors.
While the startup did not disclose its valuation during the Series C round, it was estimated to be worth $350-$400 million. FreshToHome claims to deliver 1.5 million direct-to-consumer orders per month and has an annualised sales run rate of $85 million. The startup, which is present in most major Indian cities and the UAE, enables its marketplace sellers to source and sell high-quality meat and fish directly from livestock farmers and fishermen.
Serial entrepreneurs Shan Kadavil and Mathew Joseph co-founded the startup in 2015, and its early backers include Zynga founder Mark Pincus, Google Ventures CEO David Krane, Fortress Chairman Pete Briger, Mashreq Bank Chairman Abdul Aziz Al-Ghurair, and Sequoia’s Rajan Anandan. To date, the startup has raised $152 million in funding.
According to Tofler data, the food tech startup’s operating revenue nearly doubled to Rs 16.9 cr in FY21 from Rs 8.4 cr in FY20, while its loss increased to Rs 105.9 Cr from Rs 92.53 cr in FY20.
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