Fraazo raises $50 million in fresh funding round
Online vegetable and fruit seller Fraazo has raised USD 50 million (around Rs 377 crore) in a fresh round of funding. The investment enables Fraazo to strengthen its fulfilment network, as it prepares for a multi-city launch across India.
Online vegetable and fruit seller Fraazo on Wednesday said it has raised USD 50 million (around Rs 377 crore) in a fresh round of funding.
The funding round was led by WestBridge Capital and existing investors Sixth Sense Ventures, Equanimity Investments, Apar Group, along with leading Indian family offices, including Manish Choksi of Asian Paints, the company said in a statement.
See Zee Business Live TV Streaming Below:
The funding round is a mix of equity and debt, said Fraazo.
The investment enables Fraazo to strengthen its fulfilment network, as it prepares for a multi-city launch across India.
Currently, Fraazo operates in Mumbai and Hyderabad, delivering an order every three seconds, the company claimed.
“After witnessing 5X growth over the last quarter, Fraazo is gearing up to reach 10 million monthly orders in the next 12-18 months. It aims to create a network of 500+ dark stores across the top 15 cities,” it said.
We have witnessed exponential growth organically due to a committed team with a strong bias for execution.
This funding will help fuel our ambition to serve 20 million households in the next 18 months, Fraazo CEO and cofounder Atul Kumar said.
Fraazo had earlier raised a total of USD 15 million in its Series A round led by Sixth Sense Ventures and Equanimity Investments.
Started in 2019, Fraazo currently serves over 5 lakh customers and delivers to their doorstep within 15-30 minutes.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 mid cap mutual funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Exclusive: Sebi reviews authorised person regulations; discusses minimum qualification, NISM certification and deposit amount criteria
SIP Investment: Can Rs 70/day savings help you build Rs 6 crore corpus? Understand calculations for 10, 20, 30, and 40 years at 13%, 14%, and 15% return
Stocks To Buy For 2 Weeks: Axis Direct recommends buying these stocks for 5-15 day; check targets, stop losses
EPF vs SIP vs PPF: Which can help generate highest retirement corpus on Rs 11,000 monthly investment in 30 years?
03:03 PM IST