Captain Fresh, a seafood supply chain, has raised Rs 250 crore which comes to about USD 30 million in its current pre-IPO funding round.
The round was led by Prosus Ventures, Accel, and Tiger Global, with participation from the family office of Swiggy co-founder Sriharsha Majety, Sid Khanna, chairman of India Equity Partners, Sunjay Kapur, chairman of Sona Comstar, Shivalik Prints, a textile and apparel manufacturer supplying global retailers, and others. Last month, Motilal Oswal Wealth Limited invested Rs 100 crore (approximately $12 million) in the B2B startup.
"Over the last 24 months, we have grown into a truly global business, with more than 98% of our demand coming from outside India. Our current funding allows us to exceed $1 billion in revenue over the next 12 months, placing us among the top 25 seafood players in the world. We also have plans in place to increase margins and achieve two times operating profits," said Utham Gowda, FOunder and Group CEO at Captain Fresh.
Gowda added that the new capital will strengthen the balance sheet and provide a solid foundation for the company's upcoming Initial Public Offering. It plans to file for an IPO by the end of this year. According to media reports, the company has hired Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.
Captain Fresh, headquartered in Bengaluru, operates globally, with offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company sources multi-species seafood from the Pacific, Atlantic, and Indian Ocean regions, meeting rising demand in high-capita markets such as the United States, Europe, and the UAE.
Furthermore, as per a credible source, Captain Fresh has raised $176 million in total funding to date, with Gowda owning 17.25% of the company.
Captain Fresh's gross revenue (GMV) increased 71% to Rs 1,395 crore in FY24, from Rs 817 crore in FY23. In the previous fiscal year, the company reduced its net loss by 22%, to Rs 229 crore. The company claims to have been PAT profitable for the last two quarters and is on track to close financial year 2025 with a revenue of USD 550 million, which is about Rs 4,620 crore.
