Back News / Fraazo raises $15 million from Sixth Sense Ventures, others
Fraazo raises $15 million from Sixth Sense Ventures, others
July 2, 2021Fraazo raises $15 million from Sixth Sense Ventures, others
Fraazo, a D2C brand in the fresh vegetables and fruit space, is looking to expand operations pan India, while cashing in on the unprecedented digital adoption within the fragmented fresh food market.
Fraazo, a direct-to-consumer (D2C) brand in the fresh vegetables and fruits space, has raised $15 million in a Series A funding round led by Sixth Sense Ventures.
The company has also received strong interest from development finance institutions and multilaterals for an additional $5 million of financing for expansion and to enhance its procurement base with farmers in the North and Northeast India, it said in a statement.
The investment enables the company, which currently serves only the Mumbai market, to expand to other metros and invest in technology. The funding round is a mix of equity and debt, the company said.
Nabard-backed Nabventrues and existing investors Equanimity Ventures, Apar Group and Asian Paints’ Manish Choksi also participated in the current round.
Through a network of micro-fulfilment stores, Fraazo delivers farm-fresh vegetables and fruits across Mumbai within 60 minutes. Launched 12 months ago, it has served a million customers till date, the company said.
Founded last year by Atul Kumar, Vikas Dosala, Sumit Rai, and Aashish Krishnatre, Fraazo follows a farm-to-fork model where it owns the entire back-end supply chain starting with farmers. The company is looking to expand operations pan-India, while cashing in on the unprecedented digital adoption within the fragmented fresh food market.