Latest news with #MiddleEast-based
Mint
3 days ago
- Business
- Mint
Meat delivery startup FreshToHome eyes up to $50 million to expand Middle East business
Priyamvada C Online fish and meat startup FreshToHome is raising fresh capital to strengthen its Middle East play, two years after Amazon-backed round. Revenues surged 15x in FY24 even as losses halved. Shahnawaz Kadavil, CEO and Co-Founder, FreshToHome. (Illustration by Priya Kuriyan) Gift this article MUMBAI :FreshToHome, a Bengaluru-based online retailer of fresh fish and meat, is in advanced talks to raise $40–50 million in primary capital as it expands aggressively in the Middle East, according to two people with direct knowledge of the matter. FreshToHome, a Bengaluru-based online retailer of fresh fish and meat, is in advanced talks to raise $40–50 million in primary capital as it expands aggressively in the Middle East, according to two people with direct knowledge of the matter. 'The company has already raised a third of the capital from a Middle East-based family office and is in talks to raise the remaining amount over the next couple of weeks," said one of the people cited above. The person added that some of the existing investors may also put capital in this round. The company is also exploring partnerships with multiple entities in the region. 'The Middle East has become their primary focus now as it is one of their most important markets," the person said. FreshToHome did not respond to Mint's email seeking comment. Mint has also reached out to the company for details on the scale of its Middle East operations, including its geographic footprint, revenue contribution, and expansion plans. Backed by Amazon, Dubai players This fundraise attempt comes over two years after FreshToHome raised $104 million in February 2023, in a round led by Amazon Smbhav Venture Fund. Other backers include Iron Pillar, Investcorp, Investment Corporation of Dubai, Ascent Capital, E20 Investment Ltd, Mountshan Judi Ventures, and Dallah Albaraka. At the time, co-founder and CEO Shan Kadavil said the funds would be used to deepen the company's footprint across Gulf Cooperation Council (GCC) markets and increase its network of offline stores. While FreshToHome generates a bulk of its revenue from India—serving over 100 cities—its Middle East business has grown significantly over the past few years. It had entered the UAE market in 2019 and now has a presence across several locations in the region, including Abu Dhabi, Ajman, Al Ain, Fujairah, Dubai, Ras Al Khaimah, Sharjah, Umm Al Quwain, as well as in Saudi Arabia. To date, the startup has raised $286 million across eight funding rounds and is valued at $572 million, according to market intelligence platform Tracxn. Fish rules the plate In a 2023 interview with Mint, Kadavil had said that fish and seafood accounted for the largest share of FreshToHome's sales at 42%, followed by poultry at 38%, and meat. He also pointed to the untapped potential in organized online play within India's massive unorganized fresh food sector. 'The market size is $50 billion across fish and meat, of which 70% is fish, 20% poultry and the rest is mutton," he said. While India's wet market remains large and largely offline, Kadavil estimated the size of the organised and online market at only $750 million at the time. AI-led sourcing model Founded in 2015 by Shan Kadavil and Matthew Joseph, FreshToHome uses patent-pending AI-powered supply chain technology to source directly from farmers and fishermen. Its cold chain setup helps cut out middlemen and ensures delivery within 24–36 hours. The startup also enables electronic bidding for farmers and fishers through its app, giving them greater control over pricing and quality while reducing leakages in the supply chain. The pandemic helped FreshToHome scale rapidly as more Indian consumers adopted e-commerce for meat and fish. The company leveraged this demand with its brand promise of '100% Fresh and 0% Chemicals." Rivals such as Licious and ITC-backed Meatigo also saw a similar surge in demand as customers prioritised quality and safety. Also read: Licious wants to cross the road. But it risks getting cooked. FreshToHome also recently jumped on to the quick commerce bandwagon to sell its products in a timeframe of 15-20 mins across select areas in India. The company's standalone revenue from operations surged to ₹ 369.6 crore in FY24 from ₹ 24.9 crore a year earlier. Its losses also more than halved to ₹ 149.7 crore, Tracxn data showed. Topics You May Be Interested In
Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
Egypt launches digital tourism campaign in Arab market in partnership with WEGO - Tourism
As part of the broader international promotional initiative "Egypt… Unmatched Diversity," the Ministry of Tourism and Antiquities has launched a new digital campaign targeting Arab travellers, in partnership with WEGO, a leading Middle East-based travel search engine and booking platform. Running through June 2026, the campaign aims to spotlight Egypt's diverse tourism offerings using modern, data-driven marketing strategies. It focuses on expanding digital outreach through specialized global platforms to attract a wider audience across the region. Ahmed Youssef, Assistant Minister for Strategic Affairs and Acting CEO of the Egyptian Tourism Authority, stated that the campaign highlights Egypt's commitment to innovation in tourism marketing and its strategic focus on key regional markets to drive sustainable growth. The campaign's promotional content highlights experiences tailored to Arab tourists, including beach escapes, water sports, cultural heritage, shopping, and entertainment. Special attention will be given to emerging destinations, such as New Alamein City, which is being promoted as a premier travel hub due to its modern infrastructure and rising appeal. The campaign includes a bilingual media plan (Arabic and English) across YouTube, Google, and smart out-of-home advertising in cinemas and shopping centres in key Arab countries. Advertising will intensify during peak holiday and festive seasons. Suzanne Mostafa, Director General of Tourism Promotion, said the campaign aims to generate over 500,000 bookings and attract more than one million visitors from the Arab world. Follow us on: Facebook Instagram Whatsapp Short link:
Yahoo
27-06-2025
- Business
- Yahoo
Trump's World Liberty Gains Another International Crypto Partner
(Bloomberg) -- World Liberty Financial Inc. is entering into a partnership with an arm of Re7 Capital, a decentralized-finance hedge fund based in London that is set to receive up to $10 million in investment from Hong Kong family office VMS Group. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Mapping the Architectural History of New York's Chinatown US State Budget Wounds Intensify From Trump, DOGE Policy Shifts No financial terms were disclosed. The Trump family affiliated decentralized finance platform plans on launching a USD1 stablecoin vault on Euler and Lista with Re7 Labs, the innovation arm of Re7 Capital, according to a joint statement between World Liberty Financial and Re7. The move is a part of a larger initiative to scale World Liberty's USD1 on Binance's BNB Chain, the decentralized blockchain ecosystem of the world's largest crypto platform. 'This collaboration reflects a shared commitment to building the next generation of DeFi infrastructure—where stability, transparency, and capital efficiency converge,' said Evgeny Gokhberg, founder of Re7 Capital. 'Working alongside World Liberty, Euler, and BNB Chain, we're advancing a model for stablecoin adoption that meets the expectations of both crypto-native and institutional users.' VMS Group, a money manager to some of Hong Kong's richest individuals, is making its first foray into crypto with its investment into Re7 Capital, Bloomberg News reported this week. Re7 has said it uses a market-neutral strategy through which it earns yield by providing liquidity on DeFi exchanges and by lending stablecoins — while using hedging to mitigate price swings. On Thursday, United Arab Emirates based Aqua 1 Foundation said it bought $100 million of World Liberty tokens, the second Middle East-based investor to put money into the platform. The investment will make the little known crypto fund the largest individual investor of the Trump-backed digital asset project, surpassing crypto entrepreneur Justin Sun, who's also an adviser to World Liberty. In May, MGX, a technology investment firm established by Abu Dhabi's sovereign wealth fund, used World Liberty's USD1 stablecoin to facilitate its $2 billion investment in Binance. Last month, the US Securities and Exchange Commission moved to end its legal battle against Binance, the latest sign of the regulator's dramatic shift in how it polices cryptocurrency. The regulator and the exchange's co-founder Changpeng Zhao filed a joint motion to stay the case in the US District Court for the District of Columbia. The move followed a joint request in February to pause the lawsuit for 60 days. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Time of India
10-06-2025
- Business
- Time of India
Careernet Group expands to the Middle Eastern market
Holistic talent solutions provider Careernet has announced its official foray into the Middle East, following its recent expansion into the United States through Longhouse, its executive search arm, the company said in a statement on Tuesday. The Middle East expansion is part of a broader strategic push by the Careernet Group to deepen its presence in key global markets. Careernet's Middle East operations will be based in Dubai, UAE. Backed by 25 years of experience, including scaling teams for fast-growing enterprises, global capability centres (GCCs), and multinationals, this expansion will strengthen the Group's ability to serve both existing clients with operations in the region as well as Middle East-based enterprises seeking strategic talent support across tech, digital, and emerging sectors. As the geography emerges as a global innovation hub, the demand for specialised talent is intensifying across sectors like startups, AI, fintech, and Web3. Careernet's entry into the Middle Eastern market will see it offering enterprises access to talent solutions through its integrated ecosystem of specialist brands: HirePro ( AI-enabled recruitment automation); Longhouse (executive search and talent advisory); and MyCareernet (employer branding and candidate engagement through digital platforms). 'The Middle Eastern region is a rapidly evolving talent hub, and we see it not just as a market but as a strategic focus in our long-term growth vision. We have supported UAE-headquartered companies with their India hiring for many years and are now strengthening that relationship with an on-ground presence in the region,' said Anshuman Das, CEO and Co-founder, Careernet Group. To lead this new phase of growth, Asif Khan has been appointed as Associate Vice President for the Middle East office. Based in Dubai, Asif brings over a decade of experience in sales and client management across IT, FMCG, retail, and energy sectors, along with a deep understanding of the region's talent dynamics. He will spearhead strategic partnerships, client acquisition, and growth initiatives in the region.
Mid East Info
03-06-2025
- Business
- Mid East Info
HITEK AI achieves ISO 42001 certification, the first international standard for AI management systems - Middle East Business News and Information
Dubai, United Arab Emirates: Middle East-based smart AI-powered FM solutions provider HITEK AI , which is part of the Farnek group of companies, has achieved ISO 42001 certification, the first international standard for Artificial Intelligence Management Systems. With a strong focus on operational excellence and risk mitigation, ISO 42001 provides a structured framework for organisations to design, develop, implement, monitor, and improve AI systems responsibly and ethically. 'HITEK AI is the first FM-related company in the Middle East to achieve ISO 42001 and as such this gives us and all Farnek group companies a distinct competitive advantage and demonstrates our leadership by complying with international AI standards and aligning with global best practices and ethical principles,' said Javeria Aijaz, Managing Director, HITEK AI. 'This enables HITEK AI to demonstrate its leadership in AI governance and compliance, setting a benchmark for responsible AI implementation throughout the region's facilities management industry,' she added. HITEK AI achieved ISO 42001 certification following a long rigorous audit process conducted by Callids Global Quality & Standardization, an accredited external auditor. This involved comprehensive assessments of their process management systems, policies, risk management frameworks, data governance practices, and ethical compliance measures. The extensive evaluation demonstrated its commitment to aligning with international best practices and standards for AI management, security, and transparency. Throughout the certification process, the company consistently evidenced robust implementation, continuous monitoring, and systematic improvement of its AI solutions and protocols. 'This certification is more than just a milestone for us… it's a clear signal that HITEK AI operates with a strong, structured internal compass to govern the way we build and manage AI. In a fast-evolving landscape, where trust and transparency matter more than ever, ISO 42001 is a stamp of quality assurance that we've embedded ethics, quality, and accountability into the heart of our AI systems. We're not just innovating for today here…we're leading responsibly,' commented Ryan Mitchell, Director – QHSEW, at Farnek. ISO 42001 also allows organisations to identify and mitigate AI-related risks, including critical errors, security threats, and ethical concerns, which supports and improves responsible decision making. 'Moreover, our certification will improve the accuracy, reliability, and sustainability of our AI modeling and optimise AI-driven operations to realise maximum impact. Businesses working with us can rest assured that they have chosen a partner with reliable, responsible, and secure AI processes, supporting their innovation and growth,' added Aijaz. Photo Caption: (L–R) Markus Oberlin, Group CEO, Farnek; Javeria Aijaz, Managing Director, HITEK; Ryan Mitchell, Director – QHSEW, at Farnek. About HITEK AI: HITEK AI is a part of Farnek Group, a leading industry expert with over 45 years of technical expertise and operational experience in Facilities Management, Hospitality, and Technology Infrastructure. Our broad range of intelligent applications is a result of people, processes, and technology empowering our customers with digital, business, and technological transformation. Our solutions are aimed at complementing leaner and more sustainable operational processes that increase productivity and reduce energy consumption. Any FM Company would like to adapt the power of digitalisation, can contact HITEK Services on info@ About Farnek: Farnek is the leading provider of sustainable and technology-driven Facilities Management in the United Arab Emirates. Established in the UAE since 1980, Farnek Services LLC is a Swiss- owned independent total facilities management company. With a skilled workforce of more than 10,000 employees, Farnek delivers professional Facilities Management services across several sectors: Aviation, Hospitality, Banking, Retail, Telecom, Residential, Commercial, Infrastructure, Government, Education, Leisure, and Entertainment.
