Bengaluru-based fish and meat retailer FreshToHome has raised $104 million in its Series D round of funding led by Amazon Smbhav Venture Fund. New investors in the round include Dubai-based E20 Investment Ltd, Bengaluru-based Mount Judi Ventures, and Jeddah-based Dallah Albaraka.
This is the Amazon Smbhav Venture Fund’s first investment in a direct-to-consumer retail brand. Apart from investing in the agritech and healthcare industries, the $250 million fund’s primary focus is often on accelerating small and medium-sized businesses.
Returning investors, including Iron Pillar, Investcorp, Investment Corporation of Dubai, and Ascent Capital, among others, also participated in the round.
According to data research platform Tracxn, the direct-to-consumer brand for fish and meat is currently valued at $566 million.
“We opened up nearly 100 cities in the last 18 months, and we plan on deepening our penetration. The UAE contributes nearly 10% to 15% of our revenues and India is the largest exporter of fish and meat to the geography. We would like to utilize part of the capital to expand in the country,” said CEO and Co-founder Shan Kadavil.
The company plans to use the capital to expand its presence in Saudi Arabia and the Middle East and North Africa (MENA). In 2019, FreshToHome launched in the UAE.