FreshToHome Secures Rs 135 Crore in Debt Funding

FreshToHome is in the process of raising a total of Rs 135 crore through two debt rounds in the last three months. The company obtained the first round of funding in January, and is now bringing in an additional Rs 60 crore from BlackSoil and Stride Ventures, which includes a minor equity component structured as optionally convertible redeemable preference shares (OCRPS). This continuous debt influx occurs since FreshToHome has not engaged in any equity funding since its $104 million Series D round in February.

Debt Issuance Details

FreshToHome’s board has approved a special resolution to release 550 non-convertible debentures (NCDs) valued at Rs 10 lakh each, aimed at raising Rs 55 crore, as per the regulatory filings obtained from the Registrar of Companies (RoC). BlackSoil India will lead this funding round with an investment of Rs 40 crore, whereas Stride Ventures will contribute Rs 15 crore.

Additional Funding Components

In addition to the aforementioned investments, BlackSoil India is expected to invest Rs 4 crore, and Stride Ventures will add Rs 1.5 crore through the issuance of 7,893 OCRPS, priced at Rs 6,967 each. In January, the Bengaluru-based meat and seafood delivery startup raised Rs 75 crore from Trifecta Capital.

Use of Funds

The funds raised will be allocated to meet working capital needs and general corporate purposes, as well as to support growth, expansion, marketing, and other corporate initiatives of FreshToHome.

Company Overview

Established in 2015 by Shan Kadavil and Matthew Joseph, FreshToHome operates in approximately 160 cities across India, with a significant presence in key markets of the UAE. In February of the previous year, the company ventured into the quick commerce sector, enabling deliveries within 10–15 minutes.

Funding History

To date, FreshToHome has successfully raised over $320 million in equity. Recently, the company reported a 14% year-on-year increase in operational revenue, reaching Rs 421.33 crore in FY25. At the same time, the company’s losses remained relatively stable at Rs 146.32 crore, slightly down from Rs 149.73 crore in the prior fiscal year.