FreshToHome, an Indian e-commerce company specializing in the sale of fresh produce, seafood, poultry, and various meat products, has secured $121 million in a recent funding round. This investment comes as the Bangalore-based company experiences rapid expansion, a trend accelerated by the conditions created during the coronavirus pandemic.

Currently serving numerous key Indian cities such as Delhi, Mumbai, Pune, Bangalore, and Hyderabad, the company is now fulfilling approximately 1.5 million orders each month. This represents a significant increase from the 420,000 orders processed monthly during the previous year, according to Shan Kadavil, co-founder and CEO of FreshToHome, in a discussion with TechCrunch.

The increasing consumer preference for FreshToHome, which strives to directly connect farmers and fishermen with buyers, is occurring as individuals prioritize minimizing trips outside their homes and avoiding crowded vegetable markets to limit potential coronavirus exposure. FreshToHome facilitates the contactless delivery of vegetables and meats that are claimed to be “100% fresh and 0% chemicals” directly to customers.

The platform functions by enabling farmers and fishermen to electronically submit bids for their latest harvests and catches, in accordance with local regulations. This system eliminates intermediaries, allowing for greater control over product quality and reduced prices for both the producers and FreshToHome. (A substantial portion of vegetable and meat sales within India remains within the unorganized sector.) The company has also developed its own logistics network, utilizing both rail and air transport.

This latest funding round, a Series C, was spearheaded by Investment Corporation of Dubai (the primary investment division of the Dubai government), Investcorp, Ascent Capital, the U.S. government’s development finance agency (DFC), and the Allana Group. For consumer-focused startups, FreshToHome’s $121 million Series C round is the largest of its kind recorded for an Indian company.

Notably, this marks the first time DFC has taken an equity position in an Indian startup, having previously provided loans to Milk Mantra, based in Odisha. Iron Pillar, which led FreshToHome’s Series B funding, contributed $19 million to this new round. To date, FreshToHome has raised a total of $154 million.

Kadavil, formerly the head of Indian operations for the gaming company Zynga and currently an advisor to multiple startups, stated that securing new funding during the pandemic was not overly challenging for FreshToHome, citing strong investor interest in this sector and the company’s demonstrated growth over recent quarters.

“FreshToHome is a leader in utilizing AI-driven technology and innovative business practices to deliver exceptional value to both customers and suppliers within a significant market,” stated Khalifa Al Daboos, deputy CEO of Investment Corporation of Dubai, in an official statement.

The company currently generates $85 million in annual recurring revenue and is targeting $200 million in revenue for the coming year. Kadavil indicated that FreshToHome has achieved EBIDTA profitability (profitability excluding interest, taxes, depreciation, and amortization) in several established cities and will now focus on expanding its geographic reach. It currently operates in the UAE and intends to extend operations to Saudi Arabia, as well as expand within India to include Kolkata.

FreshToHome faces competition from other startups in the same space, including Licious, which has raised over $94.5 million to date, and, to some extent, BigBasket.