Bengaluru-based seafood supply chain company Captain Fresh has successfully raised ₹250 crore (approximately $30 million) in its ongoing pre-IPO funding round. The round was led by existing investors Prosus Ventures, Accel, and Tiger Global, along with participation from prominent domestic family offices, including those of Sriharsha Majety (co-founder of Swiggy), Sid Khanna (chairman of India Equity Partners), and Sunjay Kapur (chairman of Sona Comstar).
Strategic Funding Boost
This latest infusion of capital follows a ₹100 crore (approximately $12 million) investment from Motilal Oswal Wealth Limited last month. The funding strengthens Captain Fresh’s financial position as it gears up for a planned IPO later this year, with Axis Capital and BofA appointed as bankers for a proposed $350-400 million public offering.
Global Expansion & Revenue Growth
Founder and Group CEO Utham Gowda highlighted the company's rapid global expansion, noting that over 98% of demand now originates from outside India. He stated:
“The current funding enables us to exceed $1 billion in revenue in the next 12 months, which puts us among the top 25 seafood players in the world. We also have building blocks in place to expand margins, achieving 2X operating profits.”
With headquarters in Bengaluru, Captain Fresh operates across 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, catering primarily to high-income markets such as the US, Europe, and the UAE.
Financial Performance
Captain Fresh has demonstrated strong financial performance in recent years:
- Gross revenue (GMV) surged by 71% from ₹817 crore in FY23 to ₹1,395 crore in FY24.
- Net loss reduced by 22%, reaching ₹229 crore in FY24.
- The company has been PAT profitable for the last two consecutive quarters and is on track to close FY25 with a revenue of $550 million (₹4,620 crore).
Our Opinion on the News
Captain Fresh's substantial pre-IPO funding and impressive revenue growth highlight its rapid ascent in the global seafood supply chain industry. The backing from top-tier investors and family offices strengthens its financial foundation ahead of its anticipated IPO. With continued international expansion and operational efficiency improvements, Captain Fresh is well-positioned to become a dominant player in the global seafood market.