Investcorp backs Indian start-up FreshToHome
Bahrain-outlined private equity and alternative asset manager Investcorp said in Sunday it committed to India’s e-commerce start-up FreshToHome, as part of a $121 million funding round alongside different investors.
The Bangalore-based start-up, which sells fresh fish, meat and vegetables to customers by sourcing immediately from fishermen and farmers, has seen business boom in the wake of the Covid-19 outbreak. FreshToHome currently processes about 1.5 million orders monthly and has an $85m annualised product sales run rate on its program. The company, which also received backing from the Investment Corporation of Dubai, is using a number of the capital brought up to invest in further expansion over the Gulf.
Investcorp said that the start-up “is a primary beneficiary of shifting demand” as more persons buy fish and meat online in the wake of the coronavirus pandemic.
“At Investcorp, we look at companies who redefine the category where they operate with tested top-line and bottom-line impact,” Gaurav Sharma, mind of private equity at Investcorp India, said. “We believe that FreshToHome suits this bill correctly and is poised to achieve significant scale.”
Investcorp, which counts Mubadala Investment Company as its biggest shareholder, is aiming to strengthen its technology investments to be able to capitalise on the developing reliance on technology on the wake of the pandemic.
The company plans to allocate "a substantial proportion" of the $1billion-$2bn of annual private equity investments planned over another two years to technology assets, Gilbert Kamieniecky, the head of Investcorp’s technology private equity business, told The National within an interview in May.
In India, Investcorp is investing in mid-market companies in consumption-linked sectors, including consumer tech, healthcare, financial services and technology.
Furthermore to FreshToHome, the Bahrain-based asset manager has invested in Indian companies such as InCred, ASG, Zolo, Citykart, Intergrow Brands, Bewakoof.com and NephroPlus.
A few of the early backers of FreshToHome include Zynga founder Mark Pincus, Google Ventures' leader David Krane, Pete Briger, chairman of Fortress and Abdul Aziz Al-Ghurair, chairman of Mashreq Bank, amongst others.
Source: www.thenationalnews.com
