**FreshToHome Seeks $40-50 Million to Expand in the Middle East**
FreshToHome, the Bengaluru-based online retailer specializing in fresh fish and meat, is reportedly in advanced discussions to secure $40-50 million in primary capital to fuel its aggressive expansion in the Middle East. According to sources familiar with the situation, the company has already secured a third of the required funding from a family office based in the region and is negotiating to raise the remaining amount in the coming weeks. Some existing investors may also participate in this funding round.
The Middle East has emerged as a key focus for FreshToHome, which has been exploring partnerships with various entities in the region. The company’s operations in the Middle East have grown significantly since its entry into the UAE market in 2019, with a presence in multiple locations including Abu Dhabi, Dubai, and Saudi Arabia.
This fundraising effort follows a successful $104 million round in February 2023, led by the Amazon Smbhav Venture Fund, with participation from several other investors. The funds from that round were aimed at expanding FreshToHome’s footprint in Gulf Cooperation Council (GCC) markets and increasing its offline store network.
While the majority of FreshToHome’s revenue is generated from India, where it serves over 100 cities, its Middle Eastern business has shown remarkable growth. The startup has raised a total of $286 million across eight funding rounds and is currently valued at $572 million.
In a recent interview, co-founder and CEO Shan Kadavil highlighted that fish and seafood make up 42% of the company’s sales, followed by poultry at 38%. He emphasized the vast untapped potential in India’s unorganized fresh food sector, which is valued at $50 billion, with fish accounting for 70% of that market.
Founded in 2015, FreshToHome utilizes AI-powered supply chain technology to source products directly from farms, aiming to revolutionize the fresh food market.
**FAQ**
**What is FreshToHome’s primary focus for expansion?**
FreshToHome is focusing on expanding its operations in the Middle East, which has become one of its most important markets.