Direct-to-consumer (D2C) meat and seafood brand FreshToHome reported a modest improvement in its financial performance in the fiscal year ended March 31, 2025, as the company scaled its operations while keeping losses largely stable.
According to its financial statements sourced from the Registrar of Companies (RoC), FreshToHome’s gross revenue grew 14% year-on-year to ₹421 crore in FY25, up from ₹369.5 crore in FY24. Including non-operating income of ₹9 crore, the company’s total income stood at ₹430 crore during the year.
FreshToHome primarily generates revenue from the sale of meat, seafood and other fresh produce through its online platform.
High Material Costs Continue to Weigh on Margins
The cost of materials consumed remained the largest expense for the Bengaluru-based company, accounting for over 83% of total expenditure. This cost increased 5% to ₹481 crore in FY25 from ₹458 crore in FY24, reflecting the input-intensive nature of the fresh food supply chain.
Employee benefit expenses rose 10% to ₹33 crore, while advertising and promotional spend declined sharply by 37% to ₹14.5 crore, indicating tighter marketing controls during the year. Subscription costs remained flat at ₹8 crore.
Meanwhile, other overheads more than doubled to ₹33.5 crore, contributing to an overall 6% increase in total expenses to ₹576 crore in FY25, compared to ₹542 crore in FY24.
Losses Remain Stable, Unit Economics Improve
FreshToHome reported a net loss of ₹146 crore in FY25, marginally lower than the ₹150 crore loss recorded in FY24, translating to a 2.7% reduction in losses. The company’s EBITDA margin stood at -36.58%, while return on capital employed (ROCE) was -107.64%.
On a unit-level basis, the company spent ₹1.37 to earn every rupee of revenue, improving from ₹1.47 in FY24, indicating better operational efficiency.
As of the end of FY25, FreshToHome reported cash and bank balances of ₹42 crore, with current assets valued at ₹73.5 crore.
Funding and Investors
FreshToHome has raised over $320 million in funding to date. Its most recent round was a $104 million Series D, led by the Amazon Smbhav Venture Fund, alongside existing and new investors.
The company continues to focus on optimizing costs and strengthening its supply chain as it navigates profitability challenges in India’s competitive online fresh food market.
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