Captain Fresh: Leading Seafood Supply Chain Startup Achieves Profit in Five Years

Captain Fresh, a seafood and animal protein supply chain startup, has demonstrated remarkable growth, achieving profitability within five years of operations. This Bengaluru-based enterprise has emerged as one of the fastest-growing startups in its sector. The company’s operations saw more than 2X scale in FY25, driven by robust growth in international markets, especially in the United States.

The gross merchandise value (GMV) for the company increased 2.5X, soaring to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24, as per its consolidated financial statements submitted to the Registrar of Companies (RoC). Established in 2020, Captain Fresh functions as a tech-driven, vertically integrated platform that oversees the entire seafood value chain—ranging from procurement to distribution—without the need to own capital-intensive assets.

International Markets and Revenue Breakdown

Captain Fresh derives a significant portion of its revenue from export markets, with the USA accounting for over 71% of its operational income. Revenue from the USA increased more than 5.6X, rising to Rs 2,416 crore in FY25 from Rs 362 crore in FY24. Conversely, the contribution from India dropped by 49% to Rs 340 crore, but new markets, including Poland (Rs 239 crore) and France (Rs 181 crore), provided considerable contributions. Additionally, other important markets included Italy (Rs 50 crore), the UAE (Rs 48 crore), and Spain (Rs 31 crore).

Growth Driven by Acquisitions

The substantial rise in gross revenue is attributed mainly to Captain Fresh’s acquisition strategy. The company acquired CenSea in February 2024 and integrated Ocean Garden into its portfolio this February. Overall, the company manages a total of 10 subsidiaries and a joint venture across the United States, Norway, France, Spain, Indonesia, Poland, and the Netherlands.

Cost Analysis and Profitability

Captain Fresh’s most significant expense, the cost of materials, constituted over 82% of total expenditures, which increased 2X to Rs 2,846 crore in FY25 from Rs 1,311 crore in FY24. Employee benefit expenses more than doubled to Rs 195 crore, and freight and forwarding costs escalated 2.7X to Rs 102 crore. Finance expenses also surged to Rs 94 crore in FY25. Legal and professional fees remained relatively stable at Rs 44 crore, while other expenses were recorded at Rs 173 crore.

As a result of the business scaling up, Captain Fresh’s total costs doubled to Rs 3,454 crore in FY25 from Rs 1,648 crore the previous year. For a more detailed breakdown of expenses, additional sources can be consulted.

Financial Performance Metrics

With over 2X revenue growth, the company achieved profitability, reporting a net profit of Rs 42 crore compared to a loss of Rs 229 crore in FY24. It is notable that Rs 68 crore was credited as deferred tax, contributing to the company’s positive standing. Captain Fresh’s return on capital employed (ROCE) and EBITDA margin were recorded at 4.05% and 2.12%, respectively.

On a unit level, Captain Fresh spent Re 1.01 to generate a rupee in operating revenue, an improvement from Rs 1.18 in FY24. The firm valued its current assets at Rs 1,858 crore, with capital employed increasing to Rs 1,358 crore. The company also maintained cash and bank balances of Rs 88 crore at the end of FY25.

Investment and Upcoming IPO

As reported by various sources, Captain Fresh has raised over $200 million to date, which includes a $30 million pre-IPO round in January this year from notable investors such as Prosus, Accel, Tiger Global, and others. Prominent backers also include Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus.

Captain Fresh is preparing to raise Rs 1,700 crore (approximately $200 million) through a new share issue as part of its forthcoming initial public offering (IPO). The company, backed by Tiger Global, is reportedly targeting a total issue size of $350-400 million, which includes an offer for sale (OFS).