The company will use the fresh capital to invest in geographical expansions and technological intervention that will improve the overall customer experience, to forge strategic partnerships and expansion of the brand’s reach, the company said in a press statement.
“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,” it said.
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 cold chain control, procurement, processing and storage. The company is looking to introduce 100 new products.
The company is building three processing plants that will be completed by the end of this calendar year, it said.
“We aim to leverage our processing capacities and expand into newer Tier-I markets by the end of the current financial year,” said Sangram Sawant, founder, Pescafresh.
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According to industry data, 92% of the Indian meat and seafood industry is unorganised, indicating the huge opportunity that this sector has to offer. India consumes meat worth around $30 billion a year.
There has been growing investor interest in the on-demand food segment, especially in the meat and seafood category. Pescafresh competes with other established players such as Zappfresh, FreshtoHome, Licious in the same segment.
Last year, Licious entered the coveted unicorn club of companies which boast of a billion dollar or more in valuation, as it raised $52 million in from investors led by IIFL Asset Management’s (AMC’s) late-stage tech fund.
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