WestBridge leads $50m round for India's Fraazo

Sixth Sense Ventures, Equanimity Investments, and Apar Global Ventures also participated, as did various Indian family offices. It comes within three months of an approximately $11 million round led by Sixth Sense that also featured Equanimity, Apar, and Nabventures.

The company claims to have seen its order volume increase sixfold to about 500,000 orders a month between these two investments. The plan is to reach 10 million monthly orders in the next 12-18 months, according to The Economic Times.

Fraazo refers to itself as a David among Goliaths in India’s competitive grocery and fresh product delivery space, where several apps have received significant venture and private equity backing.

The largest players include Alibaba Group-backed BigBasket, which was acquired earlier this year by Tata Group at a $2 billion valuation. Meanwhile, SoftBank-backed Grofers has raised more than $550 million. They are said to have 37% and 13% market shares, respectively.

Fraazo offers about 30,000 customers a choice of delivery according to scheduled timeslots or a 90-minute express option. It claims to offer the “best prices” versus other vendors and supermarkets, allowing for up to a 20% reduction for end customers’ monthly grocery budgets.

The company says 100% of its fruits and vegetables are hand-picked fresh from farms, while some are grown using hydroponics. This means a product can travel from farm to table in less than 18 hours. There is also a 48-hour no-questions-asked refund and replace policy.

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• Topics
• South Asia
• Consumer
• Early-stage
• India
• WestBridge Capital Partners
• Sixth Sense Ventures
• Food
• TMT