Captain Fresh Raises Rs 120 Crore in New Equity Round

Soon after retracting its draft documents for an initial public offering (IPO) to facilitate an acquisition, Captain Fresh, a global packaged seafood enterprise, is securing Rs 120 crore (approximately $13.3 million) in an equity round directed by Utham Gowda, the founder and CEO. Two sources familiar with the matter informed Startup Superb.

The newly acquired funds are intended to enhance the promoter’s ownership in the firm, with Gowda contributing a substantial amount from his personal assets. As per one source, who wished to remain anonymous, Gowda’s share, currently at around 17%, will increase to nearly 19% after this investment.

According to the second source, also speaking on the condition of anonymity due to the confidential nature of the talks, Gowda will allocate about Rs 100 crore through his firm Tigerlily Properties, while the remaining capital is expected to come from investors such as Avanti Feeds, Veer Growth Fund, among others.

This move follows closely after the Bengaluru-based Captain Fresh secured Rs 290 crore in sustainability-linked financing from the global impact investor Blue Earth Capital.

Established in 2020 by Gowda, Captain Fresh operates a technology-driven B2B supply chain platform for packaged seafood, with its reach extending across India, the Middle East, Europe, and the United States.

Previously, the company aimed to raise Rs 1,700 crore through a new issuance as part of its IPO, a plan which was reported exclusively by Startup Superb. Before the intended listing, Captain Fresh also achieved Rs 250 crore in pre-IPO funding facilitated by existing investors such as Prosus Ventures, Accel, and Tiger Global.

However, Captain Fresh has recently withdrawn its draft red herring prospectus (DRHP) submitted to the Securities and Exchange Board of India (SEBI). The company has asserted that its initial IPO strategy remains intact and that it will pursue a fresh filing after the ongoing acquisition is finalised.

For the fiscal year ending March 2025, Captain Fresh has announced a significant 145% increase in gross merchandise value (GMV) to Rs 3,421 crore, a rise attributed to its latest acquisitions, which include the US-based seafood importer CenSea, the France-based Senecrus, and the Poland-based salmon firm Koral.