Let me start by capturing two macro data points-
Did you know that fisheries contribute to 1.07% of India’s GDP and ~7.5% of Agricultural GVA?
Did you also know that >90% of the sector is unorganized?
With ~60-70% of freshwater fish being farmed in just two regions of India, the rest of the country ends up falling into a supply deficit zone. There is very low discoverability and trust between the new buyers and suppliers of fish. Lack of access to institutional credit exacerbates the problem of unmet demand. The outcome- despite high production, fish consumption in the country remains low. Average per capita fish consumption in India is 9 kilograms per annum against the global per capita fish consumption of 16kg.
FreshR is building a B2B e-commerce platform for the aquaculture value chain, connecting producers & aggregators to nation-wide stockists, distributors, exporters & HORECA, while ensuring quality standards, transparency, logistics & financial services. FreshR’s digital auction platform will be the first of its kind to make “digital” a key part of the way fish is traded. The vision is to create a differentiated market for high quality, sustainably-farmed produce, while ensuring standards for high-value buyers.
While we have been sold on the opportunity and space, we were looking for the right founders, who can be both strategic thinkers as well as operators. The problem statement may seem to be an obvious one, however, the solution isn’t that straightforward. There are multiple questions that need to be answered- on distribution channels, which segments to cater among general trade, HoReCa, modern trade etc., what SKUs to add, when is the right time and scale to enter into exports, are the operations capital efficient, and dozens more. Ambika and Sadanand bring the right mix of planning, strategizing and executing between them. Both of them have a strong strategic sense and empathy and grasp of the on- the-ground realities of the “fish” business.
And they have demonstrated this in their outcomes. In the last 8 months, FreshR has grown 25X. The company is well on its way to hit $50 Mn in ARR by the end of FY 23. FreshR’s full-stack model and digital footprint are key to increasing their relevance to their buyers and distributors. The platform has been able to achieve higher than industry growth while maintaining healthy contribution margins.
FreshR is just getting started; scratching the quintessential surface of the iceberg, that is the fisheries space. From building a tech platform and financial services suite for the suppliers, to expanding into new geographies, business segments, SKUs, and more — we are confident that the company has found its flywheel, and it is only a matter of keeping the momentum going. We are delighted to welcome them to the Axilor family and be partners in their journey.
Building something exciting in Agri-tech? Let’s talk- write to me at email@example.com