[Funding alert] Fraazo raises $50M in Series B led by WestBridge Capital
, a Mumbai-based direct-to-consumer (D2C) brand in the fresh vegetables and fruits category, has raised $50 million in a fresh round of funding led by WestBridge Capital and existing backers Sixth Sense Ventures, Equanimity Investments, Apar Group, along with leading Indian family offices, including Manish Choksi of Asian Paints.
The funding round is a mix of equity and debt. 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.
Currently, Fraazo operates the third largest last-mile delivery fleet in Mumbai and Hyderabad, delivering an order every three seconds. The investment enables the company to strengthen its fulfilment network as it prepares for a multi-city launch across India.
Founded by Atul Kumar, Vikas Dosala, Sumit Rai, and Aashish Krishnatre, Fraazo boasts of a business model where it owns the integrated supply chain for fresh produce enabling swift movement, ensuring timely deliveries and reducing food wastage.
Atul Kumar, CEO and Co-founder, Fraazo, 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. We thank our investors for partnering with us in this journey to becoming an iconic consumer brand.”
Sandeep Singhal, Co-founder and MD, WestBridge Capital, added,
“We are impressed by Fraazo’s exceptional growth in a large market like Mumbai. With the convenience of quick home delivery and a business model that befits rapid scale-up, we’re excited to partner with Fraazo as they extend their proposition to customers across India."
Fraazo had earlier raised a total of $15 million in its Series A round led by Sixth Sense Ventures and Equanimity Investments, catapulting the brand to the market leader position in the fresh fruits and vegetables segment.