Captain Fresh Secures INR 250 Cr in Pre-IPO Round Led by Existing Investors Accel, Tiger Global Management, Prosus Ventures, Z47 (formerly Matrix Partners India), Evolvence Group, and British International Investment are some of its prominent investors.
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Bengaluru-based seafood supplier startup Captain Fresh announced raising INR 250 crore in its pre-IPO funding round from existing investors.
The round also attracted participation from prominent family offices, including Sriharsha Majety (Co-founder, Swiggy), Sid Khanna (Chairman, India Equity Partners), Sunjay Kapur (Chairman, Sona Comstar), and Shivalik Prints, among others.
This marks the initial tranche of the USD 100 million Captain Fresh plans to raise in December. Earlier this year, the company secured USD 25 million in an extended Series C round, bringing its total funding to USD 490 million, according to Tracxn.
Utham Gowda, Founder and Group CEO of Captain Fresh, emphasised the strategic importance of the latest capital infusion. "We have transformed into a truly global business over the last 24 months, with over 98% of our demand coming from outside India. This funding positions us to exceed USD 1 billion in revenue within the next year and ranks us among the top 25 seafood players globally. Our building blocks are in place to expand margins, achieving 2X operating profits," he stated.
Captain Fresh recorded impressive growth in FY24, with operating revenue soaring to INR 1,394.8 crore from INR 817.1 crore in FY23. The company also narrowed its losses by 22%, reducing them to INR 229 crore from INR 293 crore. This growth was largely fueled by acquisitions and mergers, as well as an increasingly export-driven business model.
The startup has seen significant revenue growth in markets like the US, UAE, and China, with contributions from these regions multiplying. Meanwhile, its revenue from the Indian market fell to INR 672.3 crore in FY24, compared to INR 723.4 crore the previous year.
Headquartered in Bengaluru, Captain Fresh operates offices across Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company sources multi-species seafood from the Pacific, Atlantic, and Indian Oceans to meet the growing demand in high-capital markets.
Supported by prominent backers such as Accel, Tiger Global Management, Prosus Ventures, and British International Investment, Captain Fresh is poised to become a global leader in seafood supply as it prepares for its upcoming IPO.
