Captain Fresh, an online meat and seafood startup, has raised Rs 100 crore in capital from Motilal Oswal Wealth, paving the way for its anticipated public listing next year.
The Bengaluru-based company's board adopted a special resolution to issue 1,002 Series C11 compulsorily convertible preference shares (CCPS) at an issue price of Rs 9,98,399 apiece, raising about Rs 100 crore, according to regulatory records obtained from Tofler.
Following the investment, Motilal Oswal will own 2.26% of Captain Fresh, according to the documents. Following the allotment of shares, the company's valuation is roughly Rs 4,424.7 crore (around $526 million).
The company is in talks to finalize the choice of bankers for its projected initial public offering (IPO).
The funding comes after the company received $48 million in February at a valuation of approximately $500 million. Japan-based SBI Investment and Evolvence Capital led the financing, with participation from British International Investment (BII) and previous investors Tiger Global, Prosus, Accel, and Matrix Partners India.
Captain Fresh, started in 2019 by Utham Gowda, works on a business-to-business (B2B) model, delivering meat and seafood to vendors in India and overseas markets such as the Middle East, Europe, and the United States.
In February, the company purchased CenSea Inc., a frozen fish and seafood importer and distributor based in the United States. Later in July, it announced plans to acquire Koral, a Polish food and beverage production company.
The company has yet to file its FY24 financials. In FY23, Captain Fresh reported an almost fourfold growth in revenue to Rs 801.3 crore over the previous year. However, its net loss increased to Rs 288.4 crore in FY23 from Rs 113.2 crore in FY22, according to Tracxn.
