Funding · Commerce & Consumer Brands

FreshToHome raises ₹75 crore via NCDs

By Startup Enthusiast · 2 January 2026

What they do

FreshToHome delivers fresh meat and seafood to customers across India and the UAE

The company raised ₹75 crore through Non-Convertible Debentures from Trifecta Venture for working capital

FY25 revenue grew 14% to ₹421.33 crore while net loss narrowed slightly year-over-year

FreshToHome raised ₹75 crore in a debt round from Trifecta Venture.
The funding came via 750 Non-Convertible Debentures (fixed-income securities that cannot be converted into equity) with a face value of ₹10 lakh each.
The company plans to use the funds for working capital requirements and general corporate purposes.
Specific initiatives include tech upgrades and strategic business expansions.
This follows a $104 million Series D led by Amazon Smbhav Venture Fund earlier.
Total equity raised by FreshToHome stands at over $320 million to date.
The company previously pivoted to quick commerce in February 2024 for 10–15 minute deliveries.
It competes with quick commerce giants like Zepto and Blinkit.

Debt financing allows the company to raise capital without diluting existing shareholder equity.
The move supports operational scaling amid intense competition in the quick commerce segment.
Strong revenue growth indicates sustained demand despite broader market challenges.

FreshToHome operates as a meat and seafood delivery platform based in Bengaluru.
It serves customers in approximately 160 cities across India.
The company also maintains a presence in the UAE market.
In February 2024, it entered the quick commerce space with 10–15 minute delivery promises.
Its primary competitors in this segment include Zepto and Blinkit.
The business model focuses on delivering fresh proteins directly to consumers.
Founders Shan Kadavil and Matthew Joseph established the company in 2015.
The firm has secured significant equity backing totaling over $320 million.
Recent financial data shows a focus on expanding geographic reach and tech infrastructure.

Trifecta Venture (lender) — Provided ₹75 crore via Non-Convertible Debentures.
Amazon Smbhav Venture Fund (lead) — Led the $104 million Series D equity round.
E20 Investment Ltd (participant) — Participated in the Series D round.
Mount Judi Ventures (participant) — Participated in the Series D round.
Dallah Albaraka (participant) — Participated in the Series D round.