FreshToHome, an online marketplace and food supply chain startup, based out of Bengaluru, has bagged $20 million (approx ₹144 crore) in series B founding round from Iron Pillar and Joe Hirao, founder at ZIGExn.
The platform, have similar objectives as BigBasket, will use the infused capital to expand within India and overseas, especially the UAE.
It will also use the funds to diversify their product offerings in various other fresh and chemical-free food categories, such as fruits and vegetables, cold-pressed oils, organic cow and buffalo milk, dairy products, organic staples and other healthy food products.
These products will eventually be distributed across e-commerce platforms, retail outlets and other channels across multiple geographies.
Anand Prasanna, the managing partner of Iron Pillar, said, “This is our first investment into the food-tech space and we wanted to be certain of the value offered by the brand and strong technology-enabled moats for the business. FreshToHome’s brand proposition has been to provide 100% Fresh food with 0% Chemicals, not an easy thing to achieve in India on a large scale.”
The company claims to have crossed $30 million (₹200 crore) in annualised direct to consumer sales. The company also said that it has grown 30% M-o-M and has expanded to new markets in India such as Mumbai and Pune. It has also launched its operations in UAE.
The company has recently launched its outlets in Bengaluru and Chennai. It also claims to have 650K customers across nine cities in India and internationally across the UAE.
India is currently the world’s largest producer of milk, the second-largest producer of fruits and vegetables and has a substantial production of marine agriculture, meat and poultry products.