Total amount raised
$69.8 Millions
Latest funding date
07/01/2022
Location
Fraazo has successfully raised funds through multiple rounds, with the last funding round being a Series B round closed on July 11, 2022. The company is backed by a total of 7 investors, including notable names like Sixth Sense Ventures and Equanimity Investments.
Keep reading to explore the intricacies of Fraazo's fundraising journey and the investors backing this innovative platform.
What Is Fraazo?
Fraazo, founded in 2018, is a precision agriculture platform headquartered in Mumbai, Maharashtra, India. The company leverages data to select the finest produce from top partners, ensuring customers receive farm-fresh products directly from farmers.
With a significant workforce of 1001 to 5000 employees, Fraazo operates in various industries, including agriculture, AgTech, food and beverage, food delivery, information technology, retail, and software. The company was founded by Aashish Krishnatre, Atul Kumar, Sumit Rai, and Vikas Dosala.
How Much Funding Has Fraazo Raised?
- Seed Round
- Amount Raised: ₹140M (approximately $1.8M)
- Date: May 2019
- Lead Investors: Equanimity Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial operations and build its supply chain infrastructure.
- Series A
- Amount Raised: $11M
- Date: July 2021
- Lead Investors: Sixth Sense Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth strategy, which saw a six-fold increase in the number of orders over six months.
- Series B
- Amount Raised: $50M
- Date: October 2021
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide a runway of 12-18 months and facilitate expansion into new geographies.
- Series B
- Amount Raised: $6.8M
- Date: July 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To streamline operations and enhance the company's technological capabilities.
Total Amount Raised: $69.6M
Current Valuation: Not publicly disclosed
Key Investors
- WestBridge Capital
- Details: WestBridge Capital is a leading investment firm that focuses on high-growth companies in India. They have a strong track record of backing successful ventures across various sectors.
- Investment Focus Areas: High-growth companies, technology, consumer services.
- Notable Investments: PolicyBazaar, Oyo Rooms, Delhivery.
- Sixth Sense Ventures
- Details: Sixth Sense Ventures is a consumer-centric venture fund that invests in early to mid-stage companies. They are known for their strategic investments in innovative consumer brands.
- Investment Focus Areas: Consumer goods, retail, FMCG, consumer technology.
- Notable Investments: Soothe Healthcare, LEAP India, Hindustan Foods.
- Equanimity Investments
- Details: Equanimity Investments is a venture capital firm that focuses on early-stage companies. They aim to support innovative business models with high growth potential.
- Investment Focus Areas: Early-stage companies, technology, consumer services.
- Notable Investments: Lendingkart, Fynd, Samosa Singh.
- Apar Group
- Details: Apar Group is a diversified business conglomerate with interests in various sectors. They have a history of strategic investments that complement their core business areas.
- Investment Focus Areas: Industrials, consumer goods, technology.
- Notable Investments: Not specifically listed.
- Manish Choksi of Asian Paints
- Details: Manish Choksi is a key executive at Asian Paints and part of leading Indian family offices. His investments are likely strategic and aimed at complementing his core business interests.
- Investment Focus Areas: Strategic investments, high-growth opportunities, complementary businesses.
- Notable Investments: Not specifically listed.
What's Next for Fraazo?
Fraazo is poised for significant growth as it plans to expand into new geographies and categories, including dairy products and ready-to-cook segments. With the fresh foods category estimated to be a $300-$400 billion market, the company aims to create a network of over 500 dark stores across the top 15 cities in India, potentially reaching 10 million monthly orders in the next 12-18 months.
Future fundraising opportunities are likely as the current funding provides a runway of 12-18 months. This expansion will require additional capital to support scaling operations and infrastructure. However, Fraazo will face challenges such as intense competition from established players like Grofers and BigBasket, and the complexities of managing logistics and supply chains as they grow.
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