Online meat grocer FreshToHome has raised Rs 860 crore ($104 million) in a Series D funding round led by Amazon’s Smbhav Venture Fund, according to a press note.
The participation of Amazon in the Bengaluru-based company via its India-dedicated venture fund is the most significant addition among the new investors. In addition to Amazon, investors such as E20 Investment Ltd., Mount Judi Ventures and Dallah Albaraka also participated in the funding round.
Existing investors, including Iron Pillar, Investcorp, Investment Corp. of Dubai (the principal investment arm of the government of Dubai), and Ascent Capital also contributed.
With the funding, FreshToHome is now a "proficorn", the company said in its statement.
According to Shan Kadavil, chief executive officer and co-founder at FreshToHome, the company is now profitable at the operating margin level, but “this does not include management costs and overheads”.
Kadavil declined to comment on the valuations, but said that the company was reported to approach a unicorn valuation in June last year. The company will be "opportunistic" when thinking about possible acquisitions in the space, since they can't be planned, he said.
Launched in 2015, FreshToHome currently operates in over 160 cities in India and the U.A.E. and offers more than 2,000 products in the meat and seafood space.
Kadavil said the funds will be deployed to penetrate further into these cities, most of which the company has only entered in the last 10 months. The company also intends to leverage opportunities in the Gulf nations, including Saudi Arabia, in the future, he said.
Watch the full interview below
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