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Captain Fresh Raises ₹250 Crore in Pre-IPO Round, Eyes $1 Billion in Revenue

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Captain Fresh, a leading seafood supply chain startup, has successfully raised ₹250 crore (around $30 million) in its ongoing pre-IPO funding round. This marks another major step toward the company’s upcoming initial public offering (IPO), as it gears up to become one of the top players in the global seafood market.

Who’s Backing Captain Fresh?

The pre-IPO round was led by some heavy hitters in the investment world, including Prosus Ventures, Accel, and Tiger Global. In addition to these prominent venture capital firms, a range of individual investors also jumped in to support Captain Fresh’s expansion plans. Notable participants include:

  • Sriharsha Majety, co-founder of Swiggy, through his family office
  • Sid Khanna, chairman of India Equity Partners
  • Sunjay Kapur, chairman of Sona Comstar
  • Shivalik Prints, a textile and apparel manufacturer serving global retailers

This round follows a $12 million investment from Motilal Oswal Wealth Limited last month, which signals strong investor confidence in Captain Fresh’s future growth prospects.

What Will the Funding Be Used For?

Captain Fresh plans to use this new funding to fuel its global expansion and strengthen its balance sheet ahead of the upcoming IPO. The company is looking to accelerate its growth and reach $1 billion in revenue over the next year, making it one of the top 25 seafood players globally. The funding will also be used to enhance its operations and further expand its margins, aiming for 2X operating profits in the near future.

In a statement, Utham Gowda, Founder & Group CEO of Captain Fresh, said:
“We’ve transformed into a truly global business over the last 24 months, with more than 98% of our demand coming from outside India. This funding will help us build a solid foundation for our upcoming IPO and ensure we stay on track to exceed $1 billion in revenue.”

Captain Fresh’s Global Reach

Headquartered in Bengaluru, Captain Fresh operates across the globe, with offices in key locations such as Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company sources a wide variety of seafood species from the Pacific, Atlantic, and Indian Ocean regions, and caters to high-demand markets like the U.S., Europe, and the UAE.

Captain Fresh’s reach in international markets is impressive, especially considering the booming demand for fresh seafood in high-capita regions. This global footprint positions the company to continue growing rapidly as it taps into new markets and expands its existing customer base.

What’s Next for Captain Fresh?

Captain Fresh is preparing for its IPO by the end of this year, with plans to raise $350-400 million. The company has appointed Axis Capital and Bank of America (BofA) as the bankers for the IPO, indicating that the company is on track for a major public debut.

But beyond the IPO, Captain Fresh has its sights set on some ambitious growth goals:

  1. Achieving $1 Billion in Revenue: The company is targeting a significant revenue increase, hoping to cross the $1 billion mark in the next 12 months.
  2. Expanding Global Operations: Captain Fresh plans to continue expanding in existing markets and explore new regions with high seafood demand.
  3. Improving Profit Margins: With its new funding, Captain Fresh aims to increase operating profits by 2X in the coming months.

Performance and Financial Highlights

As Captain Fresh continues to grow, its financial performance reflects its expanding market presence. In FY24, the company reported a 71% increase in gross revenue (GMV), which rose from ₹817 crore in FY23 to ₹1,395 crore. At the same time, Captain Fresh managed to reduce its net loss by 22%, bringing it down to ₹229 crore.

Even more impressive, the company has achieved PAT profitability for the last two consecutive quarters, signaling a strong shift toward sustainable profitability.

For the upcoming fiscal year, Captain Fresh is on track to close FY25 with revenue of ₹4,620 crore (about $550 million). This growth trajectory suggests that the company is on the right path to achieve its goal of becoming one of the leading global players in the seafood supply chain industry.

Why Captain Fresh Is Making Waves

Captain Fresh is positioning itself as a major disruptor in the global seafood industry. The company’s focus on sourcing fresh, high-quality seafood from sustainable sources, combined with its innovative supply chain technology, gives it a competitive edge in markets around the world.

As demand for fresh seafood continues to rise, particularly in high-income countries, Captain Fresh is well-positioned to capitalize on the growing global appetite for premium seafood. With its upcoming IPO and plans for further expansion, the company is certainly one to watch in the coming months.


About author
I’m Aparna Sahu , an author and journalist with over five years of experience in the startup ecosystem. I specialize in crafting stories about entrepreneurship and innovation, drawing on my deep understanding of the startup world to highlight the journeys of visionary leaders and trailblazers. My work aims to reveal both the challenges and triumphs of building successful ventures, offering insights that inspire and inform. Outside of writing, I enjoy personal interest or hobby, which helps me bring fresh perspectives to my storytelling.
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