INDIA – Bengaluru-based fresh fish and meat delivery startup FreshToHome has raised US$11 million (₹76 crore) led by Hong Kong-based CE Ventures to fund its expansion into more cities and strengthen supply chain.
Others participating in the Series A round of funding included Das Capital, Kortschak Investments, TTCER Partners and some other Asian and Silicon Valley investors.
With the investment, the startup said it aims to expand its operations into other cities including Mumbai and Pune.
FreshToHome manages the entire cold chain of fish delivery, with a majority of the trucks coming in from the southern coast of the country.
It aims to bring artificial intelligence (AI) and internet of things (IoT) into the cold chain, food safety and sourcing processes, while making last mile delivery of safe, chemical-free perishables.
Founded in 2015 by Kadavil and Mathew Joseph, the startup is backed by angel investors such as Rajan Anandan, Mark Pincus, David Krane, among others.
Currently operational in Bengaluru, Delhi/ NCR, Kerala, Chennai and Dubai, it now plans to expand its operations in all Tier 1 cities.
FreshToHome.com is also using the funding to further strengthen the sourcing supply chain by extending its patent-pending sourcing technology to fisherman and farmers across India.
“FreshToHome is not only trying to streamline the industry, they’re also using technology to revolutionize the way the industry functions,” said Tushar Singhvi, Director, CE Ventures.
“It is a very robust model and a sustainable mission, and we are extremely proud to back Shan and his team on this journey.”
It uses a high-volume reverse osmosis system to make ice which is further used to avoid the seafood from getting rotten in the process.
It has also deployed a cloud based IoT system to regulate and monitor the temperature.
In India, the cold chain market for perishable products logistics is projected to reach US$37.67 billion (INR 2,618 billion) by 2024, growing at a CAGR of 14.8% during 2019-2024 in the country, according to Inc24.