FreshToHome To Receive Investments From ADIO For Aquaculture Project

SUMMARY

In addition to FreshToHome, ADIO has partnered with two other agitech companies, Pure Harvest and Nanoracks

FreshToHome to receive financial and non-financial incentives from ADIO to develop projects in desert agriculture and aquaculture

FreshToHome had raised a $130 Mn funding round from Investcorp, Middle East Oils and Grains, and US DFC last month

Bengaluru-based online marketplace for perishable goods FreshToHome, said on Monday it would receive financial and non-financial incentives from the Abu Dhabi Investment Office (ADIO) to develop projects in desert agriculture and aquaculture in UAE’s capital.

In addition to FreshToHome, ADIO has partnered with two other agriculture technology (AgTech) companies, Pure Harvest and Nanoracks.

PureHarvest is an Abu Dhabi-based agritech company, while Nanoracks, is a US-based commercial agri-spacetech firm. ADIO’s partnership will aid the expansion of FreshToHome into innovative fish farming technologies and cold chain.

“Abu Dhabi is pressing ahead at full steam with our mission to ‘turn the desert green’ and solve long-term global food security issues. We have created an environment where innovative ideas can flourish and this has enabled the rapid expansion of our AgTech sector. Innovations from the companies we partnered with earlier this year are already propelling the growth of Abu Dhabi’s 24,000 farms. Partnering with Pure Harvest, FreshToHome and Nanoracks add a realm of new capabilities to the ecosystem across land, sea and space,” said Tariq Bin Hendi, Director General of ADIO.

Shan Kadavil, CEO and cofounder of FreshToHome, said, “We intend to bring our US patent-pending AI-powered Virtual Commodities Exchange technology, our egrocery platform and our nano farm aquaculture technology to Abu Dhabi, enhancing food production and distribution for the region.”

ADIO is the government entity responsible for attracting and facilitating investment in the Emirate of Abu Dhabi.

FreshToHome had raised a $130 Mn funding round from Investcorp, Middle East Oils and Grains, and US International Development Finance Corporation (DFC).

FreshToHome had earlier raised about $31 million from investors including Iron Pillar, Das Capital, CE Ventures, and a host of angels. In 2019, FreshToHome had also raised $11 Mn in Series A led by CE Ventures with participation from Das Capital, Kortschak Investments, TTCER Partners, Al-Nasser Holdings, M&S Partners, Al-Nasser Holdings & Abdul Azeez Al-Ghurair from UAE, PLB other Asia and Valley-based Investors.

FreshToHome manages to sell nearly 10K tons of produce per year and has close to 95% qualified cohort retention and doubling every year. The corporate affairs filing also added that FreshToHome has 12 Lakh registered users.