Pescafresh secures a Pre-Series A1, $ 2 million in funding
By siliconindia | Tuesday, 19 April 2022, 07:29 Hrs
Source: Press Release
India's first D2C Seafood and Meat brand, Pescafresh has raised $2million in a pre-Series A1 funding by UK-based Elara India Opportunities Fund. The funding is the first tranche of an anticipated round for the company as the brand scales rapidly.
As a legacy meat’s brand, Pescafresh has best in class consumer cohorts and deep industry insights. The company will use the fresh capital to invest in geographical expansions and technological intervention that will improve the overall customer experience. Part of the funds will also be deployed for strategic partnerships and expansion of the brand's reach.
Pescafresh, which is currently present in Mumbai, will enter the Pune market in May and will also soon kick start its operations in Delhi NCR and Bengaluru.
Founded in 2004 by Sangram Sawant, Pescafresh functions on the farm-to-fork business model. The brand owns the entire back-end supply chain, including stringent cold chain control, procurement, processing and storage, so that the product's quality and freshness is maintained right from the initial stages to the time it reaches the customers. Pescafresh is introducing additional 100 products across the raw and RTE-RTC product line.
The brand has already successfully launched the No Antibiotics Ever (NAE) Chicken, Tender Red Mutton and NAE Free-Range Eggs. Pescafresh is building three state of the art processing plants that will be completed by the end of this calendar year. It is also aiming to grow at 100% CAGR for the next five years.
“We are excited to back a legacy brand like Pescafresh, arguably the first direct to consumer Seafood and Meat brand in India, that has been built on strong fundamentals. Sangram and his team's domain expertise in the business and its ability to adapt to new market opportunities have positioned Pescafresh well to scale this as a national brand and beyond. Elara India Opportunities Fund believes that Pescafresh has an edge and is uniquely positioned with extensive knowledge of supply chain, technical expertise, a strong team, deep insights, a laser focus on technology and its ability to churn differentiated products.’’ said Spokesperson, Elara India Opportunities Fund.
"We are elated that Elara India has decided to partner with Pescafresh to scale the brand at a pan-India level and beyond. Their deep connections, networks, and access to intelligent capital will have a multiplier effect as the brand scales. We are delighted that Elara has recognised the pioneering efforts by Pescafresh to develop the organised Seafood and Meat space. We aim to leverage our processing capacities and expand into newer tier 1 markets by the end of the current financial year,” said Sangram Sawant, Founder, Pescafresh.