Captain Fresh Secures Rs 250 Crore in Pre-IPO Funding
Captain Fresh, a seafood supply chain enterprise, has successfully raised Rs 250 crore (approximately $30 million) in its ongoing pre-IPO funding round. This funding initiative was predominantly led by Prosus Ventures, Accel, and Tiger Global. Additional participants included prominent figures such as Sriharsha Majety, co-founder of Swiggy, along with Sid Khanna, chairman of India Equity Partners; Sunjay Kapur, chairman of Sona Comstar; Shivalik Prints—an apparel manufacturer that caters to global retailers; and numerous others.
In the previous month, this B2B startup obtained Rs 100 crore (around $12 million) from Motilal Oswal Wealth Limited. The progress was first reported by Startup Superb.
Utham Gowda, the founder and Group CEO of Captain Fresh, explained that the company has evolved into a genuinely global entity over the past two years, with over 98% of its demand originating from outside India. The recent funding is expected to help the company surpass $1 billion in revenue within the next 12 months, positioning it among the top 25 seafood companies worldwide. Furthermore, the company has established foundational elements to enhance profit margins, aiming for a twofold increase in operating profits.
Gowda further mentioned that the new funds will fortify the company’s balance sheet, establishing a robust base for its planned IPO, with preparations to file for it by the year’s end.
According to media sources, Captain Fresh has enlisted Axis Capital and BofA as financial advisors for a prospective IPO valued between $350 million and $400 million.
Based in Bengaluru, Captain Fresh operates on a global scale with offices situated in cities such as Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company procures various seafood species from the Pacific, Atlantic, and Indian Ocean regions, catering to the increasing demand from affluent markets in the US, Europe, and the UAE.
To date, Captain Fresh has accumulated a total funding of $176 million, with Gowda retaining a 17.25% equity stake in the company.
The gross revenue (GMV) of Captain Fresh surged by 71% to reach Rs 1,395 crore in FY24, compared to Rs 817 crore in FY23. Additionally, the firm successfully reduced its net loss by 22% to Rs 229 crore during the last fiscal year.
The company asserts that it has been PAT profitable for the past two successive quarters and is on course to conclude FY25 with a revenue target of $550 million (Rs 4,620 crore).
