2nd November 2023, Gurugram: FroGo, a leading Frozen Foods Tech Platform has raised USD 1.15M in a seed round led by Inflection Point Ventures. 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 $20Bn frozen food India industry. FroGo started from Delhi-NCR with 15+ dark stores clocking over 7000+ orders per month for frozen foods. The raised funds will be utilised to accelerate the growth journey by expanding to 50 Dark Stores across 4 cities and to build technology with fully integrated temperature monitoring.
Mira Jhala is a highly accomplished entrepreneur in the foodtech industry. She has a successful track record with two foodtech startups and a notable exit from Cure.fit. With her education from Harvard Business School, she has a strong foundation in business and entrepreneurship. Through her experience, innovative vision, and leadership, she has been instrumental in guiding FroGo to its current success.
Ivy Chin, Partner, Inflection Point Ventures, says, “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.”
Ankit Nagori, Founder, Curefoods, says,” The frozen food industry is a large and growing category, with significant market size and potential for further expansion. FroGo is focusing on building a strong distribution network with focus on enhanced customer experience while leveraging the right technology. With a strong passionate founder at the helm, who has proven execution capabilities, FroGo has the opportunity to become the category enabler for frozen foods.”
Mira Jhala, Founder, FroGo, says, “Over years of running food tech businesses in both B2B and B2C 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 realize this vision with velocity.”
FroGo is going after the very large USD 20Bn frozen foods market which has a broken supply chain right from the manufacturer to consumers with over 10 points of temperature leakage. FroGo stands out with its unwavering commitment to the Sub-zero Single Temperature Supply Chain approach, reinforced by end-to-end real-time temperature monitoring technology. FroGo aims to have an extensive network of dark stores across India with unified distributorship and streamlined operations across multiple demand channels, strengthening FroGo’s position as category leader.
FroGo has achieved remarkable milestones in its startup journey since inception in March’2022, including being crowned the “Debutant eRetailer of the Year” at the prestigious IReC Awards 2023. The company’s visionary founder, Mira Jhala, has gained recognition on India Today’s list of Top-8 emerging womenpreneurs, while also securing a spot in Blume Ventures Lead Tribe-3 cohort, a significant honor for both Mira Jhala and FroGo.
Frozen food is expected to reach USD 43 Bn 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% and the e-commerce grocery business is set to rise from 5% to 20% of the market share. FroGo is well-positioned to benefit from increased adoption, customer convenience and reduced mobility.