FreshToHome is close to raising Rs 135 crore in total debt across two rounds over the past three months. While the firm raised the first tranche in January, it is now securing another Rs 60 crore from BlackSoil and Stride Ventures, including a small equity component structured via optionally convertible redeemable preference shares (OCRPS).
The back-to-back debt infusion comes as the company has not raised any equity capital since its $104 million Series D round in February.
FreshToHome’s board has passed a special resolution to issue 550 non-convertible debentures (NCDs) at a face value of Rs 10 lakh each to raise Rs 55 crore, according to its regulatory filings sourced from the Registrar of Companies (RoC). BlackSoil India will lead the round with Rs 40 crore, while Stride Ventures will participate with Rs 15 crore.
Separately, BlackSoil India will invest Rs 4 crore, while Stride will infuse Rs 1.5 crore via the issuance of 7,893 OCRPS at an issue price of Rs 6,967 each.
In January, Bengaluru-based meat and seafood delivery startup FreshToHome raised Rs 75 crore from Trifecta Capital.
The proceeds will be used for meeting working capital requirements and general corporate purposes, along with funding growth, expansion, marketing, and other corporate activities of the company.
Founded in 2015 by Shan Kadavil and Matthew Joseph, FreshToHome operates across around 160 cities in India and has a presence in key markets in the UAE. In February last year, the company entered the quick commerce space, offering deliveries within 10–15 minutes.
The firm has raised over $320 millions in equity to date.
FreshToHome reported a 14% year-on-year increase in revenue from operations to Rs 421.33 crore in FY25. Meanwhile, the firm’s losses remained largely flat at Rs 146.32 crore during the same period, compared to Rs 149.73 crore in the previous fiscal year.
