Comments
FreshToHome (FTH), which sells fresh fish and meat online, on Thursday said it aims to more than double its revenue to ₹1,500 crore over the next 12 months driven by growth across business, including its ‘FTH Daily’ service.
FTH Daily, which is currently available in Bengaluru, Pune and Hyderabad, is a daily service for delivering milk, groceries, fruits, vegetables, bakery items and daily essentials. The service would compete against players like Milkbasket.
“We had soft-launched FTH Daily as a separate offering a few months ago and already seeing about one million orders a month. We are now officially launching the service in these three cities and will see the response and expand to other metros shortly,” FTH co-founder and CEO Shan Kadavil told PTI.
He added that the company expects the number of orders on FTH Daily to scale up to 4-5 million over the next year.
Expansion plans
Kadavil said the average order size for FTH Daily is smaller compared to its mainstay fish and meat delivery business but given the higher purchase frequency, FTH Daily is expected to account for a significant part of the revenues.
“Our revenues currently are at about ₹600 crore and we expect this to grow to ₹1,500 crore by December next year,” he added.
He said there is no minimum order for FTH Daily, and the delivery is free of cost. The service has about 2,000 products, which is being scaled to 5,000 products.
“FTH Daily has been launched to ease the lives of millions of consumers with their daily essential needs. We aim to become our customers’ daily nutrition partner, catering to their food needs at competitive prices,” Kadavil said. “We also plan to expand beyond Bengaluru, Hyderabad and Pune to other metros in India shortly,” he added.
In October, FreshToHome had announced raising USD 121 million (about ₹890.8 crore) in funding led by Investment Corporation of Dubai, Investcorp, Ascent Capital, DFC, Allana Group and other investors. Iron Pillar, the lead investor from the previous series B round, had also participated in the round (series C) with an investment of USD 19 million.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.