New Delhi-based meat delivery start-up FrsehToHome has raised $104 million (Rs 860 crore) in its Series D funding round led by e-commerce giant Amazon’s India-oriented venture Amazon Smbhav Venture Fund. Its existing investors like Iron Pillar, Investcorp and Ascent Capital also joined the round. New investors like E20 Investment Limited, Mountshan Judi Ventures and Dalakh Alabarka also took part in the investment round.
With this newly-generated fund, the company plans to expand its business operations across the Gulf Region. It wants to tap into new markets in Gulf Cooperation Council (GCC). According to a report by the Economic Times (ET), the company is eying to start with Saudi Arabia.
Prior to this, the company raised $121 million from the Investment Corporation of Dubai– the investment arm of the Government of Dubai. Since its inception, the company has raised $250 million in funding.
Currently, the company operates 30 offline stores and wants to increase the number to generate more profitability. It will target to focus on metro cities and tier II cities for the offline stores.
“We are now a ‘proficorn’ with operational profitability across the company. As we strive to offer more value to our farmers and fishers, customers, employees, and investors, our focus is on profitability and sustainable value creation," Shan Kadavil, the chief executive officer (CEO), of the company, said.
Over the last few years, we have built a strong presence. Since we source straight from farmers, our overall gross margin stands at around 40%. Our biggest advantage is sourcing, the ability to buy things at an attractive price and sell them at a mass market price, as we are positioned as a value brand. Due to this, our target market does not get saturated like how it happens in a premium segment," he also added.