FreshToHome, the leading Bengaluru-based meat and seafood delivery platform, is raising ₹75 crore ($8.5 million) in a fresh debt round from Trifecta Venture. The funding comes as the startup continues to scale its presence in the highly competitive quick commerce and fresh produce markets.
According to regulatory filings with the Registrar of Companies (RoC), the company’s board has approved the issuance of 750 Non-Convertible Debentures (NCDs) to Trifecta Venture, each with a face value of ₹10 lakh.
Strengthening Working Capital and Operations
The infusion of capital is earmarked for:
Working Capital Requirements: Ensuring smooth daily operations across its vast supply chain.
General Corporate Purposes: Supporting the company’s broader strategic initiatives and technological upgrades.
By opting for debt via NCDs, FreshToHome is leveraging a structured financing route to maintain liquidity without immediate equity dilution, following its massive Series D round last year.
Expanding Footprint and Quick Commerce
Founded in 2015 by Shan Kadavil and Matthew Joseph, FreshToHome has evolved from a niche delivery service into a major regional player. Key highlights of its current operations include:
Geographic Reach: Presence in approximately 160 cities across India and a strong foothold in the UAE.
Quick Commerce Entry: In February 2024, the company pivoted toward the “ultra-fast” segment, offering 10–15 minute deliveries to compete with players like Zepto and Blinkit.
Equity Backing: To date, the firm has raised over $320 million in equity, including a $104 million Series D led by the Amazon Smbhav Venture Fund.
Financial Trajectory: Revenue Up, Losses Narrowing
FreshToHome’s latest financial disclosures show a steady path toward sustainability. For FY25, the company reported:
Revenue Growth: A 14% year-on-year increase, reaching ₹421.33 crore (up from ₹369.55 crore in FY24).
Improving Bottom Line: Net losses narrowed to ₹146.32 crore, a 2.3% improvement from the previous year’s ₹149.73 crore.
“The proceeds will be utilized to meet the company’s working capital requirements and for general corporate purposes,” the filing noted, underscoring the focus on operational efficiency.
