India's FreshToHome start up gets backing from Abu Dhabi

The company will develop projects in desert agriculture and aquaculture that advance food security

Abu Dhabi aims to boost food production with incentives to firms specialised in agriculture technology. Courtesy: Pure Harvest Smart Farms

Bengaluru-based start-up FreshToHome said it is receiving financial and non-financial incentives from Abu Dhabi Investment Office, to develop projects that boost food production in the emirate.

“We intend to bring our US patent pending, AI-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,” Shan Kadavil, chief executive and co-founder of FreshToHome, said.

The start-up sells fresh fish, meat and vegetables to customers by sourcing directly from fishermen and farmers. Business boomed during the pandemic with FreshToHome currently processing about 1.5 million orders per month. The company has $85m in sales annually and also operates in the UAE.

The company recently raised $121 million in funding with the backing of a number of investors including the Investment Corporation of Dubai, Bahrain's Investcorp as well as DFC, the US government's development finance institution.

CE Ventures, the corporate venture capital platform of Crescent Enterprises has also provided backing to the company in the UAE.

“The rapid growth of Abu Dhabi’s AgTech ecosystem is giving rise to new technologies supporting the advancement of the agriculture sector in the emirate, region and beyond," Tariq Bin Hendi, director general of ADIO said. "We have created an environment where innovators are supported to turn their ideas into reality."

Abu Dhabi is offering more than Dh110m in financial incentives to agricultural technology companies looking to set up operations in the emirate.

The incentive programme, set up under the government's Dh50 billion Ghadan 21 accelerator initiative, includes both financial and non-financial benefits, Adio said in September.