Elara India | Pescafresh : Seafood and meat brand Pescafresh raises $2 million in funding from Elara India

Mumbai: Direct-to-consumer (D2C) seafood and meat brand Pescafresh has raised $2 million in a new funding round led by UK-based Elara India Opportunities Fund.

The company will use the fresh capital to invest in geographic expansion and technological interventions that will improve the overall customer experience, enhance strategic partnerships and expand the reach of the brand, the company said in a press statement.

PescaFresh, which is currently present in Mumbai, will enter the Pune market in May and will soon start its operations in Delhi NCR and Bengaluru as well.

Founded in 2004 by Sangram Sawant, Pescafresh works on a farm-to-fork business model. The brand owns the entire back-end supply chain including cold chain control, procurement, processing and warehousing. The company is looking to introduce 100 new products.

The company is building three processing plants which will be completed by the end of this calendar year.

Sangram Sawant, Founder, Pescafresh said, “We aim to leverage our processing capabilities and expand into new Tier-I markets by the end of the current financial year.

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According to industry data, 92% of the Indian meat and seafood industry is unorganized, indicating huge opportunities for the sector. Meat worth $30 billion is consumed annually in India.

There is increasing investor interest in the on-demand food segment, especially in the meat and seafood segment. Pescafresh competes with other established players like Zappfresh, FreshtoHome, Licious in the same segment.

Last year, Licious entered the coveted unicorn club of companies that boast a billion dollars or more in valuation, as it raised $52 million from investors led by IIFL Asset Management’s (AMC) late-stage tech fund. Were collected.

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