FroGo, a frozen foods tech platform, raised USD 1.15 million in a seed round led by Inflection Point Ventures (IPV). The co-investors in the round are Ritesh Agarwal (Oyo), Ankit Nagori (Curefoods), Desai ventures, FAAD network and other active investors.
FroGo is an end-to-end zero-temperature loss frozen foods platform – powering distribution and retail of the large USD 20 billion frozen food India industry. FroGo started from Delhi-NCR with over 15 dark stores clocking over 7000 orders per month for frozen foods, the company said in a statement.
As per the company, the raised funds will be utilised to accelerate the growth journey by expanding to 50 dark stores across four cities and to build technology with fully integrated temperature monitoring.
Ivy Chin, Partner, Inflection Point Ventures, stated, “While the demand for frozen food is growing and has a substantial market potential, what needs significant attention is the cold chain Industry. Forgo is disrupting the frozen food ecosystem by addressing the challenges faced by the industry with their temperature monitoring platform. It ensures temperature maintenance of products and assured quality of food products at their doorstep without compromising the nutritional value. We believe the vision of Forgo will change the perception of the frozen food taste in the Indian market and will re-define frozen food supply chain in India in the coming years.”
Mira Jhala, Founder, FroGo, said, “Over years of running food tech businesses in both business-to-business and business-to-consumer domain, I have seen the frozen food category grow massively. Several frozen foods are becoming staples in Indian households. Consumers are moving rapidly to online, and manufacturers have a great bouquet of frozen food products which they want to deliver to the end consumer. But the supply chain is broken – with melted, destroyed, substandard food being delivered with limited choices available to consumers. I see both stress and an opportunity for the frozen foods category. With FroGo – Frozen is delivered Frozen, via end-to-end zero-temperature-loss platform for frozen foods. We offer consumers a large variety of choice and a wider distribution to manufacturers, hence creating a win-win. I launched FroGo in 2022 with a vision of creating the largest frozen food retail and distribution for India. We are excited to partner with elite investors to realise this vision with velocity.”
As per a few reports, frozen food market is expected to reach USD 43 billion by 2027 with widespread consumer appeal. Ice cream, Kulfi, green peas and French fries are household favorites. The ice cream industry is growing at 17 per cent and the ecommerce grocery business is set to rise from 5 per cent to 20 per cent of the market share.