Captain Fresh Secures Rs 30 Crore in Debt Funding

Captain Fresh, a B2B seafood marketplace, is poised to raise Rs 30 crore through debt financing from Trifecta Ventures in anticipation of its upcoming public listing. Regulatory filings obtained from the Registrar of Companies (RoC) indicate that the company plans to issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for this amount.

Captain Fresh runs a robust farm-to-retail platform focusing on animal protein, specifically in fish, seafood, and sheep. The company purchases directly from farmers and intermediaries, catering to B2B, B2R, and B2B2C markets.

This latest debt infusion follows its recent acquisition of Rs 250 crore (approximately $30 million) during an ongoing pre-IPO funding phase.

Financial results for Captain Fresh demonstrate a substantial 71% increase in gross revenue (GMV), reaching Rs 1,395 crore in FY24 compared to Rs 817 crore in FY23. Additionally, the company successfully reduced its net loss by 22%, taking it down to Rs 229 crore for the same period.

As Captain Fresh moves towards its IPO, it plans to submit an application by the year’s end. Reports suggest that the company has enlisted Axis Capital and BofA as bankers for a proposed IPO targeting $350-400 million.