🚚Fresh pahuchao, paisa le jao (Issue 015)

Read online

In today’s Issue 📥 :

• FreshToHome hooks $104M funding.

• The Availability Heuristic.

• Written over 200 books.

• India Gives Me Hope for the Future.

FreshToHome hooks $104M funding, led by Amazon Smbhav Venture Fund

The funding round also saw participation from new investors including Dubai-based E20 Investment Ltd, Bengaluru-based Mount Judi Ventures, and Jeddah-based Dallah Albaraka, as well as existing investors like Iron Pillar, Investcorp, Investment Corporation of Dubai, and Ascent Capital.

With this fresh funding: FreshToHome plans to expand its presence in the Middle East and North Africa (MENA) region, with a focus on entering the Saudi Arabian market. The company entered the UAE market in 2019 and has since expanded to 7 cities in the country, which contribute around 10-15% of its total revenue. FreshToHome also plans to add 100 new offline stores to its network over the next 12 to 18 months, which will help reduce its marketing costs and acquire new customers.

FreshToHome has achieved operational profitability on a company level by controlling its marketing costs and leveraging its milk and daily essentials delivery business, FreshToHome Daily, to club orders for its D2C offering, thereby controlling the cost of delivery.

The company claims to deliver over 2,000 products certified fresh and chemical-free in India and the UAE, with a network of over 4,000 farmers and fishers who auction their products online for sale. FreshToHome faces competition from other D2C meat brands like Licious and Captain Fresh.

Founded in 2015 by Shahnawaz (Shan) Kadavil, FreshToHome has a presence across 160 cities and is now valued at $566 million, according to data research platform Tracxn. The company had previously raised $121 million in a Series C funding round led by the Investment Corporation of Dubai in October 2020.

IMPROVEMENT SIP

The Availability Heuristic

Heuristics→ (Anubhav pe Adharit)

The Availability Heuristic refers to a common error made by our brains in presuming that the examples that come to memory quickly are also the most essential or prominent.

For example, Harvard University researcher Steven Pinker discovered that we are now living in the least violent period in history. More people are living in peace today than ever before. Homicide, rape, sexual assault, and child abuse are all on the decline.

When most individuals hear these statistics, they are taken aback. Some people are still skeptical. Why are there so many battles happening right now if this is the most peaceful time in history? Why do I hear about rape, murder, and criminality on a daily basis? Why is everyone talking about so many terrorist and destructive acts?

Welcome to the availability heuristic.

The answer is that we are not only living in the most peaceful time in history but also the best-reported time in history. Any disaster or criminal information is now more widely available than ever before. A quick Internet search yields more information about the most recent terrorist assault than any newspaper could ever offer 100 years ago.

The frequency of dangerous events is actually decreasing, but our perception of their occurrence is increasing due to increased media coverage.

This causes us to overvalue and overestimate their impact while undervaluing and underestimating the prevalence of events that are not covered by the media.

HOT SIP

Bill Gates finds hope in India’s ability to tackle big challenges for a brighter future

Expressed: Bill Gates recently expressed his admiration for India’s ability to tackle big challenges, even during times of crisis. In his blog “Gates Notes”, he shared his belief that with the right innovations and delivery channels, the world is capable of making progress on multiple big problems at once. He commended India for its remarkable progress and world-leading approach to innovation, which ensures solutions reach those who need them.

For instance, when the rotavirus vaccine was too expensive, India decided to make the vaccine itself with experts and funders. By 2021, 83 percent of 1-year-olds had been inoculated against rotavirus, and these low-cost vaccines are now being used in other countries around the world. Gates also mentioned how the Gates Foundation joined hands with India’s public sector and CGIAR institutions to support the work of researchers at IARI (in Pusa) to develop chickpea varieties that have higher yields and are more drought-resistant. As a result, India is better prepared to keep feeding its people and supporting its farmers even in a warming world.

Gates will also be heading to India next week. His blog post serves as a reminder that progress is possible, even when facing multiple crises. It shows that with the right mindset, approach, and resources, we can make a difference in the world.

What do you think about Bill Gates’ message about India?

Do you believe that innovation can help us tackle multiple big problems at once?

Let us know your thoughts!

SMALL SIPS

Kangana ANGRY: Kangana Ranaut has reacted strongly because her directorial flick Emergency’s release date conflicted with Tiger Shroff-Amitabh Bachchan’s Ganapath and Bhushan Kumar’s Yaariyan 2. ‘Entire October is free so is November, December, and even September, but today Mr. Amitabh Bachchan and Tiger Shroff announced their ambitious project on 20th October, ha ha lagta hai panic meetings ho rahi hai Bollywood mafia gangs mein …’

Stuns: Grandmaster Vidit Gujrathi became the fourth Indian to stun Norwegian chess master Magnus Carlsen in an online Pro Chess League match.

Lead World Bank: US President Joe Biden revealed on Thursday that Washington is recommending former Mastercard CEO Ajay Banga to lead the World Bank after current CEO David Malpass disclosed plans to retire early.

Kshama Sawant: Seattle has reached a historic milestone by outlawing caste-based discrimination as a result of Indian American Seattle City Council member Kshama Sawant’s “first-in-the-nation” legislation.

Over 60%: A majority of Indian consumers prefer to shop both online and offline, with many adopting hybrid commerce post-pandemic. Real estate consulting firm CBRE South Asia Pvt. Ltd. released India-specific findings of a global survey, which showed that while the reach of e-commerce was accelerated by COVID-19, shoppers returned to physical retail once cities reopened. City center consumers preferred online shopping for gifts, cosmetics, clothing, and footwear, while small-town consumers preferred it for gifts, clothing, footwear, and electronics, but not essential items.

With CHAI ☕

Ceo: Meet Jayshree Ullal, CEO with a net worth of over Rs 18000 crore, one of US’ richest self-made women.

How to: break Bad Habits Using Psychology.

Aww: Some say Sox is creepy, I say he’s…

It’s Interesting: There is a species of jellyfish known as the immortal jellyfish, which can transform back into its juvenile form after reaching maturity, thereby avoiding death.

TWEET