- FroGo is an end-to-end zero-temperature loss frozen food platform, powering the distribution and retail of the large $20 billion frozen food industry in India.
- FroGo will utilise the funds raised for expanding operations to 4 cities across the North, West, and South zones of India (warehouses, dark stores, and distribution networks) and building technology with fully integrated temperature monitoring.
- FroGo is led by food-tech serial entrepreneur Mira Jhala and has been awarded the “Debutant eRetailer of the Year” at the prestigious IReC Awards 2023.
- Inflection Point Ventures (IPV) has so far invested over INR 600 crore across 190+ deals.
2nd November 2023, Gurugram: FroGo, the leading Frozen Foods Tech Platform, has raised USD 1.15 million 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.
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.”
FroGo started in Delhi-NCR with 15+ dark stores, clocking over 7,000+ orders per month for frozen foods. The raised funds will be used to accelerate the growth journey by expanding to 50 Dark Stores across 4 cities. Additionally they will be delegated to build technology with fully integrated temperature monitoring.
About FroGo
FroGo is an end-to-end zero-temperature loss frozen food platform. It powers the distribution and retail of the large $20 billion frozen food industry in India. It was established in March 2022 by Mira Jhala, an accomplished entrepreneur in the food-tech industry.
An alumni of Harvard Business School, Jhala has a successful track record with two foodtech startups and a notable exit from Cure.fit. Through her experience, innovative vision, and leadership, she has been instrumental in guiding FroGo to its current success.
Mira Jhala, Founder, FroGo, says, “Over years of running food tech businesses in both B2B and B2C domains, I have seen the frozen food category grow massively. Several frozen foods are becoming staples in Indian households. Consumers are moving rapidly online, and manufacturers have a great bouquet of frozen food products that they want to deliver to the end consumer. But the supply chain is broken, with melted, destroyed, and substandard food being delivered with limited choices available to consumers. I see both stress and an opportunity in the frozen food category. FroGo-Frozen is delivered via an end-to-end zero-temperature-loss platform for frozen foods. We offer consumers a large variety of choices and a wider distribution to manufacturers, hence creating a win-win. I launched FroGo in 2022 with the 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.”
A rising star in the food-tech industry
FroGo is going after the very large USD 20 billion frozen food market; which has a broken supply chain right from the manufacturer to consumers with over 10 points of temperature leakage. The company stands out with its unwavering commitment to the Sub-zero Single Temperature Supply Chain approach. They reinforce it by end-to-end real-time temperature monitoring technology. It 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.
The company 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 the top 8 emerging womenpreneurs. She has also secured a spot in the Blume Ventures Lead Tribe-3 cohort.
Frozen food 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%. Moreover, 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.
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 an 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.”
About Inflection Point Ventures and Physis Capital
Inflection Point Ventures (IPV) is an angel investing platform with over 9600 CXOs, HNIs, and professionals who together invest in startups. The firm supports new-age entrepreneurs by providing them with monetary and experiential capital. It connects these entrepreneurs with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF, Physis Capital, to invest in pre-Series A to Series B growth-stage start-ups.
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