Investcorp invests in Indian online grocer FreshToHome

Investcorp invests in Indian online grocer FreshToHome
Gaurav Sharma
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Updated 16 November 2020

Investcorp invests in Indian online grocer FreshToHome

Investcorp invests in Indian online grocer FreshToHome

Investcorp, a global provider and manager of alternative investment products, has invested in FreshToHome, one of the world’s largest fully integrated online brands in fresh fish and meat, as a part of a $121 million funding round alongside other investors.

Investcorp has been evaluating several potential opportunities that are beneficiaries of the COVID-19-led boost in e-commerce and health and hygiene awareness in India. FreshToHome is a direct beneficiary of shifting demand from fish and meat purchases that have typically been made in the past at wet markets. FreshToHome’s brand promise of “100 Percent Fresh and 0 Percent Chemicals” was a big enabler of its growth during the COVID-19 pandemic.

The online grocer enables sellers to directly source from fishermen and farmers through its state-of-the-art and artificial intelligence-powered supply chain. Such use of technology reduces food waste for suppliers to less than 2 percent versus an estimated 15 percent in traditional unorganized markets.

As estimated by Euromonitor International, the consumer fish and meat segment in India in 2019 was a $94 billion market. FreshToHome has approximately 1.5 million B2C orders per month and an $85 million annualized sales run rate on the platform. The online brand is also expanding its offering in the GCC region, with a presence in all the emirates of the UAE and plans to enter Saudi Arabia in the near term.

Gaurav Sharma, head of private equity at Investcorp India, said: “At Investcorp, we look at companies who redefine the category in which they operate with proven top-line and bottom-line impact. We believe that FreshToHome fits this bill perfectly and is poised to achieve significant scale. We look forward to this partnership and supporting the company in seeking to realize its full potential.”

Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having in the past been part of leadership teams of companies such as Zynga.

Investcorp’s recent investments in India include: InCred, ASG, Zolo, Citykart, Intergrow Brands, and NephroPlus. The focus is on targeting first-generation entrepreneurs who aim to scale up businesses with asset-light models and proven unit economics.

‘KAUST Challenge’ seeks tech ideas for Hajj & Umrah

Updated 03 December 2020

‘KAUST Challenge’ seeks tech ideas for Hajj & Umrah

‘KAUST Challenge’ seeks tech ideas for Hajj & Umrah

King Abdullah University of Science and Technology (KAUST) has launched a new campaign to catalyze research, innovation, economic development and social prosperity in Saudi Arabia through new crowdsourcing initiatives that challenge local and international talents to identify ideas and solutions that advance the Kingdom’s national priorities and support Vision 2030. With the “KAUST Challenge,” the university is seeking to develop and support bold science, technology, and engineering initiatives that aim to transform the lives of Saudis and develop Saudi talents.

“We wish to draw on the participative power of crowdsourcing to solve problems faced in the Kingdom and the world with the KAUST Challenge,” said Najah Ashry, vice president for strategic national advancement at KAUST. “The speed, flexibility and scalability of crowdsourcing will bring us new science-based ideas and solutions that can be further developed through deep collaboration with players in the Kingdom’s research-development-innovation ecosystem.”

The focus of the inaugural 2020 edition of the KAUST Challenge is on improving the Hajj and Umrah experience for pilgrims from all over the world and on advancing efforts to make Makkah a smart city. The KAUST Challenge will play an active role in advancing one of the Kingdom’s national priorities of better serving the increasing number of Hajj and Umrah pilgrims and improving their experiences in the two holy cities. It will identify and support science- and technology-based ideas and solutions that can move quickly into the market for SR1 million ($266,000) in cash and other prizes. The challenge spans three themes: Healthcare, to increase preventative measures to ensure health and well-being for all pilgrims, a concern augmented by the ongoing COVID-19 pandemic; mobility to ensure adequate availability and access to public and private transportation; and crowd management, to enhance infrastructure to meet capacity requirements for large crowds.

To gather valuable inputs from this challenge, KAUST is targeting a wide group of national and international participants to submit their ideas and solutions, including startups (growth stage startups or scaleups with solutions proven by the market), innovators (seed startups and IP-holders with ideas or solutions yet to be fully market tasted), and general public (students, academics, entrepreneurs and individuals in society).

“Advances in high technology can assist in solving the challenges that Hajj and Umrah pilgrims face. We know that people here in Saudi Arabia and across the world have great solutions to contribute,” said Ashry. “We are excited to receive their submissions and to offer our neighbors in Makkah creative and unique ideas that we hope will serve all pilgrims.

Submission to the KAUST Challenge is now open and will run until Jan. 5, 2021 with a virtual final event that will take place on an immersive platform at the end of February 2021, where the three best ideas, one for each theme, will be selected by a panel of qualified judges and one grand prize will be awarded.