Freshtohome Revenue, Valuation, Funding & Investors
Freshtohome is valued at $566M as of February 2023, a 4.4x multiple on its last reported $130M revenue.
Last Freshtohome valuation
$566M
Series D · Feb 2023
Last Freshtohome funding round
$104M
Series D · Feb 2023
Freshtohome revenue
$130M
Series D · Feb 2023
Key investors in Freshtohome
Iron Pillar
Investcorp Capital
Ascent Capital
Crescent Enterprises Venture Capital
TTCER Partners
Investment Corporation of Dubai (ICD)
About Freshtohome
Freshtohome is a Bangalore-based online retailer specializing in fresh seafood and meat products launched in 2015. Customers order from categories including marine fish, freshwater varieties, shellfish, poultry, mutton, steaks, and fillets delivered within hours of processing. The platform connects suppliers directly to consumers, ensuring traceability from catch to doorstep across India and the United Arab Emirates. Freshtohome operates processing plants and cold chain logistics to maintain product quality without preservatives.
Founded
2015
HQ
BangaloreWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$130M (Feb 2023)
Valuation
$566M (Feb 2023)
Freshtohome Valuation
Freshtohome is currently valued at $566M, based on its Series D in February 2023.
The $104M round was led by Amazon Smbhav Venture Fund, with participation from E20 Investment, Investcorp Capital, Investment Corporation of Dubai (ICD), Dallah Albaraka Holding, Mount Judi Ventures and 2 other investors.
Freshtohome's valuation has grown 1.5x from $380M at its Series C in August 2020 to $566M in February 2023, across 2 priced rounds.
Freshtohome valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2023 | Series D | $566M | 4.4x |
| Aug 2020 | Series C | $380M | 4.5x |
Freshtohome Revenue
Freshtohome's latest recorded revenue is $130M, as of its Series D in February 2023. At a $566M valuation, that implies a 4.4x revenue multiple.
Revenue grew from $85M in August 2020 to $130M in February 2023, while the revenue multiple moved from 4.5x to 4.4x.
Freshtohome revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2023 | $130M | $566M | 4.4x | Series D |
| Aug 2020 | $85M | $380M | 4.5x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Freshtohome Funding History
Freshtohome has raised a total of $256M across 4 funding rounds.
Freshtohome's first fundraising round was a $11M Series A in May 2019. The most recent completed round was a $104M Series D in February 2023.
Freshtohome funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Series D | Amazon Smbhav Venture Fund (lead); E20 Investment; Investcorp Capital; Investment Corporation of Dubai (ICD); Dallah Albaraka Holding; Mount Judi Ventures; Ascent Capital; Iron Pillar | $104M | $566M | FreshToHome, founded in 2015 by Shan Kadavil, is a Bengaluru-based direct-to-consumer platform specializing in preservative- and antibiotic-residue-free fresh fish, seafood, meat, and poultry products. It operates in over 160 cities across India and the UAE, offering more than 2,000 certified chemical-free products through an online platform with backward integration including a Commodities Exchange empowering over 4,000 fishers and farmers. The company also runs FreshToHome Daily for milk and essentials, contributing 10% to revenues, and has 30 physical retail stores planned to expand to 130. On February 23, 2023, FreshToHome closed a $104 million Series D funding round led by Amazon Smbhav Venture Fund, with participation from existing investors Iron Pillar, Investcorp, Investment Corporation of Dubai (ICD), Ascent Capital, and new investors E20 Investment, Mount Judi Ventures, and Dallah Albaraka. JP Morgan acted as placement agent. This follows a $121 million Series C in October 2020 led by ICD. Funds will deepen penetration in 160 cities, expand retail to 130 stores, enter Saudi Arabia, and grow omni-channel presence in MENA. At the time of the round, FreshToHome reported annualized revenue of $130 million (Rs 1,100 crore), with 85% from India, operating in 153 Indian cities and 7 in UAE. The company described itself as operationally profitable or a 'proficorn,' with EBITDA profitability close after covering overheads like management and engineering costs. It aims for full profitability, sustainable growth, and an IPO in 2-3 years. Amazon Smbhav praised the robust tech-enabled supply chain serving customers, farmers, and fishers. |
| Aug 2020 | Series C | Investment Corporation of Dubai (ICD) (lead); Investcorp Capital; Ascent Capital; U.S. International Development Finance Corp; Iron Pillar; The Allana Group | $121M | $380M | FreshToHome is an India-based e-commerce platform specializing in the direct-to-consumer delivery of fresh fish, seafood, poultry, meat, fruits, and vegetables. Founded in 2015 by Shan Kadavil and Mathew Joseph, the company leverages AI-powered supply chain technology and a state-of-the-art cold chain to enable direct sourcing from fishermen and farmers, positioning itself as the world's largest fully integrated online brand in fresh fish and meat e-commerce. In October 2020, FreshToHome closed a Series C funding round of $121 million, the largest Series C for an Indian consumer-tech startup at that time. The round was led by Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, alongside Investcorp (Bahrain-based alternative investment firm), Ascent Capital, the U.S. International Development Finance Corporation, Iron Pillar, and the Allana Group. The company was valued at $380–$400 million post-money, with David Wehner, Facebook's CFO, also participating as a new investor. At the time of the Series C close, FreshToHome reported $85 million in annualized sales run rate (ARR) and was processing approximately 1.5 million orders per month. The company had achieved EBITDA profitability in several mature Indian cities and aimed to reach $200 million in sales in 2021. FreshToHome operated across major Indian cities including Delhi, Mumbai, Pune, Bangalore, Hyderabad, and Kerala, and had expanded to the UAE with plans to enter Saudi Arabia and other GCC markets. The growth trajectory was significantly accelerated by the COVID-19 pandemic, which drove behavioral shifts toward e-commerce for food purchases due to safety concerns. Prior to the Series C, FreshToHome had raised $11 million in Series A (May 2019, led by CE-Ventures) and $20 million in Series B (August 2019, led by Iron Pillar). The company competes in the direct-to-home fresh food segment alongside Licious, BigBasket, and smaller players, while operating in a broader Indian fish and meat consumer market estimated at $94 billion. |
| Aug 2019 | Series B | Iron Pillar (lead); Crescent Enterprises Venture Capital; TTCER Partners; Joe Hirao; Massar International; Al-Nasser Holdings | $20M | - | Freshtohome is a Bengaluru-based online platform specializing in fresh fish, meat, and other perishables like fruits, vegetables, milk, and staples, emphasizing 100% chemical-free products sourced directly from fishermen and farmers using AI-powered supply chain technology. At the time of its Series B round in August 2019, the company had raised $20 million led by Iron Pillar, with participation from Joe Hirao (ZIGExN), and existing investors including CE-Ventures (Crescent Enterprises), Massar International, Al-Nasser Holdings, and TTCER Partners. This followed a $11 million Series A in May 2019 led by Crescent Enterprises Venture Capital. The Series B funding was intended to fuel expansion within India and the UAE, as well as diversification into additional fresh food categories. Freshtohome reported strong early traction with over 650,000 customers across 10 cities, more than 1,500 local fishermen from 125 coasts, daily sales of 20 tonnes of fish and meat, over 14,000 orders per day, and 30% month-on-month growth. The company had recently expanded to Mumbai, Pune, and the UAE, positioning itself in India's massive $250 billion perishables market. Iron Pillar, marking its first food-tech investment, highlighted Freshtohome's strong brand, technology moats, and ability to deliver fresh food at scale in India. Subsequent developments included a $121 million Series C in October 2020 led by Investment Corporation of Dubai, Investcorp, Ascent Capital, DFC, and Allana, with Iron Pillar adding $19-39 million; at that stage, it claimed 1.5 million monthly orders, $85 million annualized sales, and EBITDA profitability in mature cities. A later transaction valued the company at $244 million. |
| May 2019 | Series A | Crescent Enterprises Venture Capital (lead); M&S Partners; Abdul Azeez Al-Ghurair; Mark Pincus; TTCER Partners; Rajan Anandan; DAS Capital; Al-Nasser Holdings; Kortschak Investments L.P.; David Krane | $11M | - | Freshtohome raised $11 million in its Series A funding round on May 27, 2019, led by Crescent Enterprises Venture Capital with participation from Al-Nasser Holdings, Abdul Azeez Al-Ghurair, DAS Capital, Kortschak Investments L.P., M&S Partners, and TTCER Partners. The Bengaluru-based company, founded in 2015, operates as an e-commerce platform for fresh meat, seafood, and poultry, sourcing directly from over 1,500 farmers and fishermen across 125 coastal towns in India to serve more than 400,000 customers in cities like Bengaluru, Chennai, and New Delhi. It employs over 1,000 people, maintains a fleet of refrigerated trucks, 40 collection centers, and four factories in Cochin, Bengaluru, Noida, and Chennai, delivering 15 tonnes of fish and meat daily. The platform functions as a virtual trading exchange where farmers and fishermen bid on products via a mobile app, with Freshtohome selecting sellers based on demand, location, and other factors before placing purchase orders. At the time, it claimed a monthly Gross Merchandise Value (GMV) of $1.73 million, positioning itself as India's largest e-commerce platform for fish and meat. The funding supported expansion of its supply chain to connect with 8,500 new farmers, introduction of fresh fruit and vegetable delivery, and entry into new markets like Mumbai, Pune, and the Middle East & North Africa region. |
Who has invested in Freshtohome?
22 investors have backed Freshtohome across its funding rounds, including Iron Pillar, Investcorp Capital, Ascent Capital, Crescent Enterprises Venture Capital, TTCER Partners and Investment Corporation of Dubai (ICD).
Lead investors include Amazon Smbhav Venture Fund, Investment Corporation of Dubai (ICD), Iron Pillar and Crescent Enterprises Venture Capital.
Freshtohome Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Mumbai | 3 | Lead | Aug 2019 | |
 Umm Al Quwain | 2 | Lead | May 2019 | |
| Manama | 2 | Participant | Aug 2020 | |
| Dubai | 2 | Lead | Aug 2020 | |
 United States | 2 | Participant | May 2019 | |
| Bangalore | 2 | Participant | Aug 2020 | |
| Abu Dhabi | 2 | Participant | May 2019 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} M&S Partners |  Calebasses | 1 | Participant | May 2019 |
| Abu Dhabi | 1 | Participant | Feb 2023 | |
| Abdul Azeez Al-Ghurair | -- | 1 | Participant | May 2019 |
| Mark Pincus | Aspen, CO | 1 | Participant | May 2019 |
 Jeddah | 1 | Participant | Feb 2023 | |
| Bangalore | 1 | Lead | Feb 2023 | |
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Start Free TrialFreshtohome Competitors
Freshtohome competitors include listed companies like Dingdong (Cayman), HelloFresh and THG, and private ones like Bobbie, Shogun and Brandi.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $3.6B | $34M | $485M | 0.1x | |
 Germany | Publicly listed | $7.8B | $246M | $452M | 0.0x | |
| San Francisco, CA | Private | $165M | - | $570M | 3.5x | |
 United Kingdom | Publicly listed | $2.3B | $133M | $573M | 0.5x | |
| Los Angeles, CA | Private | - | - | $575M | - | |
 Seoul | Private | - | - | $591M | - |
Freshtohome Public Comps
Freshtohome is still privately-owned, but its public comps include Dmall, THG, Bukalapak.com, Betterware de Mexico, Cars.com, Debenhams Group, Lily & Beauty, DocMorris, Dingdong (Cayman) and Jahez.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $332M | $21M | 1.6x | 1.5x | 24.8x | 20.8x | |||
| $2.3B | $133M | 0.5x | 0.5x | 9.2x | 9.7x | |||
| $367M | $139M | - | - | - | - | |||
| $829M | $152M | 1.2x | 1.1x | 6.6x | 5.4x | |||
| $723M | $157M | 1.4x | 1.4x | 6.5x | 4.8x | |||
| $1.2B | ($45M) | 0.6x | 0.6x | (16.5x) | 10.2x | |||
| $252M | ($12M) | 1.3x | - | (27.8x) | - | |||
| $1.4B | ($73M) | 0.6x | 0.6x | (11.6x) | (23.8x) | |||
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Common questions about Freshtohome
| When was Freshtohome founded? | Freshtohome was founded in 2015. |
| Where is Freshtohome headquartered? | Freshtohome is headquartered in Bangalore, India. |
| Is Freshtohome publicly listed? | No, Freshtohome is a private, VC-backed company. |
| What is Freshtohome's valuation? | Freshtohome was last valued at $566M in its Series D in February 2023. |
| How much funding has Freshtohome raised? | Freshtohome has raised $256M across 4 funding rounds. |
| What was Freshtohome's last funding round? | Freshtohome's last funding round was a $104M Series D in February 2023, led by Amazon Smbhav Venture Fund. |
| Who are Freshtohome's investors? | Freshtohome's investors include Iron Pillar, Crescent Enterprises Venture Capital, Investcorp Capital, Investment Corporation of Dubai (ICD), TTCER Partners, Ascent Capital, Al-Nasser Holdings, M&S Partners, E20 Investment, Abdul Azeez Al-Ghurair and 12 others. |
| What is Freshtohome's revenue? | Freshtohome's latest recorded revenue is $130M (February 2023). |
| What is Freshtohome's revenue multiple? | Freshtohome's latest valuation implies a 4.4x revenue multiple ($566M valuation on $130M of revenue). |
| Which companies are comparable to Freshtohome? | Companies comparable to Freshtohome include Dingdong (Cayman), HelloFresh, Bobbie, THG, Shogun and Brandi. |
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