Mubasher: Investcorp has invested in FreshToHome, one of the world’s largest fully integrated online brands in fresh fish and meat, as a part of a $121 million funding round alongside other prominent investors.
Investcorp has been evaluating several potential opportunities which are beneficiaries of the COVID-19-led boost in e-commerce and health and hygiene awareness in India, according to a press release on Sunday.
FreshToHome is a direct beneficiary of shifting demand from fish and meat purchases that have typically been made in the past at wet markets. The brand’s promise of “100% Fresh and 0% Chemicals” was a big enabler of its growth during the pandemic.
Furthermore, FreshToHome enables sellers to directly source from fishermen and farmers through its artificial intelligence (AI)-powered supply chain, hence reducing food waste for suppliers to less than 2% versus an estimated 15% in traditional unorganised markets.
In 2019, the consumer fish and meat segment in India was a $94 billion market, as estimated by Euromonitor International. FreshToHome has approximately 1.5 million B2C orders per month and an $85 million annualised sales run rate on the platform.
FreshToHome is also expanding its offering in the GCC region, with a presence in all the emirates of UAE and plans to enter Saudi Arabia soon.
In India, Investcorp invests in mid-market companies in consumption-linked sectors, including consumer tech, healthcare, financial services, and technology. In addition to FreshTohome, Investcorp’s recent investments in India include, InCred, ASG, Zolo, Citykart, Intergrow Brands, Bewakoof.com, and NephroPlus.