Sunday, September 25, 2022
HomeInsightFunding Alert Pescafresh raises $2 mn in funding from Elara India

[Funding alert] Pescafresh raises $2 mn in funding from Elara India

Pescafresh
Pescafresh

Ace Seafoods Bazaar Pvt Ltd, which operates direct-to-consumer (D2C) seafood and meat brand Pescafresh, has raised $2 million in Pre series A1 funding round from UK-based Elara India Opportunities Fund.

The startup plans to utilize the funds in geographic expansion and technological interventions that will improve the overall customer experience, establish strategic partnerships and expand the reach of the brand.

The company said that Pescafresh, currently based in Mumbai, will enter the Pune market in May and will soon start its operations in Delhi NCR, and Bengaluru.

Mumbai-based Pescafresh was founded in 2004 by Sangram Sawant, It offers home delivery in temperature-controlled EPS boxes and operates on a farm-to-fork business model.

The company owns a complete back-end supply chain including stringent cold chain controls, procurement, processing and warehousing.

“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”, said, Sangram Sawant, Founder of Pescafresh.

“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”, he added.

The company is looking to introduce 100 new products and build three processing plants which will be completed by the end of this calendar year. It is backed by investors such as Bloom Ventures and Rehan Yar Khan, managing partner of Orios Ventures.

About Pescafresh

Conceived in 2004 and run by seafood lovers, Pescafresh is a culmination of a passion for seafood with the staunch belief that ‘What you eat is who you are’. Pescafresh was then born with the core principle of taking freshness and customer service to the next level. Pescafresh caters to over 1,00,000 households across Mumbai, Hyderabad, Bangalore and Delhi, with plans to deliver seafood Nirvana all across India.

They have a vast home delivery network in Mumbai and branded retail presence through established Gourmet chains like Godrej Nature’s Basket, Trent Retail’s Gourmet West, Future Group’s Food Hall & Le Marche. Pescafresh is also running the fish shop-in-shops with Hyper market formats like Aditya Birla More, Tesco Star Bazaar – Andheri, apart from online Grocery shops like Local Baniya, Hyperlocal delivery mobile app Grofers, and plans to go live with other players in the same space.

Apart from their amazing collection of fresh, wholesome variety of seafood they also have an exclusive gourmet range that refines the taste and passion of true seafood connoisseurs.

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