India FreshToHome, Two Others to Secure $41 Mn from Abu Dhabi State Fund

India FreshToHome, Two Others to Secure  Mn from Abu Dhabi State Fund

Online raw meat retailer FreshToHome Foods on Monday said that it will receive financial and non-financial incentives from the Abu Dhabi Investment Office (ADIO) to expand operations in the capital city of the United Arab Emirates.

FreshToHome, along with two other agritech companies — Pure Harvest and Nanoracks — has won ADIO’s partnership to receive a total of AED 152 million ($41 million).

The investment is part of FreshToHome’s $121 million Series C stage fundraise, which it announced late October, a company spokesperson told TechCircle.

ADIO is the central government hub supporting investment in the Emirate of Abu Dhabi. It enables opportunities for domestic and foreign investors aligned with Abu Dhabi’s economic priorities.

The hub offers a range of targeted programmes for private sector entities including competitive cash and non-cash incentives, SME (small to medium enterprises) enablement and public-private partnerships.

Bengaluru based FreshToHome will use the funds to support food production in arid and desert climates, it said. The company will also enable research and technology development to expand existing capabilities in Abu Dhabi’s agritech industry to address global food security challenges.

The expansion of farming, supply chain and processing capabilities will span across precision agriculture and aquaculture industries.

“We intend to bring our US patent pending AI (artificial intelligence)-powered virtual commodities exchange technology, our e-grocery platform and our nano farm aquaculture technology to Abu Dhabi, enhancing food production and distribution for the region,” FreshToHome co-founder and CEO Shahnawaz Kadavil said.

FreshToHome claims to process about 1.5 million B2C orders per month and clocks about $85 million in annualized sales run rate on the platform.

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