Amazon invests in Indian startup FreshToHome
Amazon's Indian-focused Smbhav Venture Fund led a $104 million Series D round of FreshToHome, an Indian fresh fish and meat startup in the South Asian and Middle East markets, TechCrunch reports.
Why it matters: India's e-commerce industry is estimated to hit over $100 billion this year for the first time and the market keeps growing.
Details: The late-stage round also has the support of the development arm of the American government, the government of Dubai, and the firm Iron Pillar.
- FreshToHome, which sells most of its products online, has raised over $250 million to date, according to TechCrunch.
- India’s meat market is worth billions of dollars and is one many startups are vying to tap.
State of play: Another e-commerce contender hailing from the U.S. — Walmart — has eyes on the South Asian country’s market, too.
- Walmart already owns a majority stake in India’s Flipkart and may be looking to buy more shares in the e-commerce juggernaut.
FreshToHome and Smbhav Venture Fund didn't respond to a request for comment.