FreshToHome, the India-based online fresh food major, will receive financial and non-financial incentives from the Abu Dhabi Investment Office (ADIO) to develop projects in the UAE capital.
The move aims to establish Abu Dhabi as a hub for agriculture technology (AgTech) capabilities and FreshToHome will invest in next generation aquaculture and agriculture solutions aimed at supporting food production in arid and desert climates, a statement said.
It added that the incentives from ADIO will enable research and technology development to expand existing capabilities in Abu Dhabi’s AgTech ecosystem and promote innovation to address global food security challenges.
In addition to FreshToHome, ADIO has also partnered individually with two other AgTech companies, Pure Harvest and Nanoracks.
Together with FreshtoHome, the three companies will receive financial and non-financial incentives totalling AED152 million ($41 million) to expand their operations in Abu Dhabi, enabling regulations to drive cutting-edge innovation across the entire agriculture value chain.
Dr Tariq Bin Hendi, director general of ADIO
Dr Tariq Bin Hendi, director general of ADIO said: “The rapid growth of Abu Dhabi’s AgTech ecosystem is giving rise to new technologies supporting the advancement of the agriculture sector in the emirate, region and beyond. We have created an environment where innovators are supported to turn their ideas into reality.
“FreshToHome is part of a thriving network of AgTech companies, farmers and other agriculture players in Abu Dhabi, where its expertise will contribute to the overall capabilities of the ecosystem, while also benefiting from partnerships, opportunities and support to fuel its next stage of growth. We look forward to working closely with FreshToHome in the coming months to create new innovations that will advance our goal of turning the desert green.”
Shan Kadavil, CEO and co-founder of FreshToHome, said: “We intend to bring our US patent pending AI-powered Virtual Commodities Exchange technology, our e-grocery platform and our nano farm aquaculture technology to Abu Dhabi, enhancing food production and distribution for the region.”
Shan Kadavil, CEO and co-founder of FreshToHome
FreshToHome recently announced raising India’s largest Series C investment in consumer tech of $121 million from investors including Investment Corporation of Dubai (ICD) and Investcorp.
FreshToHome has approximately 1.5 million B2C orders per month and $85 million annualised sales on its platform.
Some of the early backers of FreshToHome include Mark Pincus, Zynga founder, David Krane, CEO of Google Ventures and Abdul Aziz Al-Ghurair, chairman of Mashreq Bank.
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