US & Dubai govts’ arms invest in Indian startup

Chennai: FreshToHome, an integrated online brand in fresh fish and meat e-commerce, has raised $121M in Series C funding led by Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai, Investcorp – a global manager of alternative investments, Ascent Capital – an 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 $19M. Barclays was an advisor for the transaction.

“Covid-19 transformed the fish and meat purchasing behaviour of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to e-commerce and we saw online demand for our products going up many folds this year. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realise our full potential,” said Shan Kadavil, co-founder and CEO of FreshToHome.

 

NT Bureau