Highlights
Captain Fresh Secures Rs 100 Crore in Funding
B2B seafood startup Captain Fresh has successfully raised Rs 100 crore (around $12 million) from Motilal Oswal Wealth Limited. This development marks the company’s second investment round within this year.
Details of the Investment
The board of Captain Fresh has approved a special resolution to issue 1,002 preference shares at a price of Rs 9,98,399 each for the purpose of raising Rs 100 crore or $12 million, as stated in their regulatory filing with the Registrar of Companies (RoC).
This funding is believed to be part of a pre-IPO round. Reports suggest that the company has engaged Axis Capital and BofA as bankers for a potential IPO valued between $350-400 million.
Previous Funding Rounds
This latest investment comes 10 months after the completion of its earlier funding round, which garnered $48 million. Investors included Japan-based SBI Investment, Evolvence Capital, British International Investment from the UK, and Nekkanti Seafoods Group, along with participation from Matrix Partners, Ankur Capital, Prosus, and Tiger Global.
Corporate Restructuring
As part of its restructuring efforts, Captain Fresh has issued preference shares of its Indian subsidiary to the shareholders of its Norwegian entity. This involved allocating 2,355 preference shares valued at Rs 235 crore ($28 million) to investors such as GRWC Holdings, Futura Simul Fundacja, Nathon G Torch, and Jeffery Stern, as indicated by a separate resolution.
Following this investment, Motilal Oswal will acquire a 2.26% stake in Captain Fresh. According to various sources from a startup data intelligence platform, the company’s valuation post-allotment is approximately Rs 4,424 crore or $526 million.
Product Portfolio and Global Presence
Founded five years ago, Captain Fresh’s product lineup features over 100 species of fish and seafood, sourced from more than a dozen countries, and serving customers in over 30 countries. The company has established offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid.
Recent Acquisitions
This year, Captain Fresh has actively pursued growth through acquisitions, successfully acquiring three companies:
- Paris-based shrimp cooker and distributor Senecrus
- US-based CenSea
- Poland-based Koral
Financial Performance
Backed by Tiger Global, Captain Fresh has yet to disclose its annual results for FY24. In FY23, the company reported a remarkable fourfold growth in revenue, reaching Rs 817 crore, up from Rs 208 crore in FY22. However, this rapid expansion came with challenges, as losses increased by 2.8 times, amounting to Rs 296 crore during the same period.
Motilal Oswal also recently led a $350 million funding initiative for the quick commerce platform Zepto and took part in Zomato’s $1 billion fundraising via a Qualified Institutional Placement (QIP), securing over 20% of the overall issue.