Introduction: The Seafood Startup Making Waves Captain Fresh, an emerging leader in the seafood supply chain, has successfully raised Rs 250 crore (approximately $30 million) in its ongoing
Captain Fresh, an emerging leader in the seafood supply chain, has successfully raised Rs 250 crore (approximately $30 million) in its ongoing pre-IPO funding round. This significant investment round is led by top investors such as Prosus Ventures, Accel, and Tiger Global, with additional backing from prominent business leaders and family offices, including Sriharsha Majety, the co-founder of Swiggy, and Sunjay Kapur, chairman of Sona Comstar.
With its unique business model and rapid global expansion, Captain Fresh is preparing to make an even bigger splash in the seafood industry. The company is now poised to file for its IPO by the end of this year, as it looks to solidify its position as one of the world’s top seafood players. Here’s everything you need to know about Captain Fresh’s journey and what this funding means for the company’s future.
Founded in Bengaluru, Captain Fresh is a B2B seafood supply chain startup that sources and distributes multi-species seafood from the Pacific, Atlantic, and Indian Ocean regions. The company serves high-capita markets across the world, particularly the US, Europe, and UAE, where seafood demand is growing rapidly. With a global presence including offices in Chicago, Paris, Madrid, Dubai, and several other cities, Captain Fresh has positioned itself as a key player in the international seafood market.
The company focuses on providing fresh, quality seafood directly from fishermen and suppliers to businesses in these regions, streamlining the entire supply chain. This direct approach helps ensure fresher products, better quality control, and quicker delivery times.
In just the past 24 months, Captain Fresh has transformed into a global business, with more than 98% of its demand now coming from markets outside of India. This rapid expansion has contributed to the company’s significant growth, and it is now on track to hit $1 billion in revenue in the next 12 months. This projection places Captain Fresh among the top 25 seafood companies in the world.
According to Utham Gowda, Founder and Group CEO of Captain Fresh, the new funding will help accelerate this growth further: “The current funding enables us to exceed $1 billion in revenue in the next 12 months, putting us among the top 25 seafood players in the world. We also have building blocks in place to expand margins and achieve 2X operating profits.”
This trajectory is even more impressive given that the company has successfully increased its gross revenue (GMV) by 71%, growing from Rs 817 crore in FY23 to Rs 1,395 crore in FY24. Additionally, Captain Fresh managed to reduce its net loss by 22%, highlighting its ability to scale efficiently while improving profitability.
With the funding secured, Captain Fresh is gearing up for a major milestone: its Initial Public Offering (IPO). The company is expected to file for the IPO by the end of 2025, with the aim of raising between $350 million and $400 million. To ensure a smooth IPO process, Captain Fresh has appointed Axis Capital and Bank of America (BofA) as their lead investment bankers.
This upcoming IPO will not only help strengthen the company’s balance sheet but will also provide the capital needed to further expand their global footprint and improve their operational efficiencies.
The funds raised in this round will also help the company scale its operations and better serve international customers. As Captain Fresh continues to dominate global seafood markets, it will focus on further strengthening its infrastructure and expanding its supply chain network to meet growing demand. This expansion will likely involve new technology integrations, enhanced logistics, and more direct sourcing partnerships with fishermen and suppliers.
This new round of funding is a big win for Captain Fresh, attracting top venture capitalists such as Prosus Ventures, Accel, and Tiger Global—all of whom have a strong track record of backing successful startups. The involvement of high-profile investors signals confidence in Captain Fresh’s business model and growth prospects.
In addition to the venture firms, prominent individual investors have also backed the company. Sriharsha Majety, co-founder of Swiggy, Sid Khanna, chairman of India Equity Partners, and Sunjay Kapur, chairman of Sona Comstar, have all participated in the funding round. Their involvement brings additional credibility and business expertise to Captain Fresh.
Captain Fresh’s focus on streamlining its supply chain and improving margins is paying off. The company’s B2B model has made it a critical player in the global seafood supply chain, and its strong financial performance is proof that the business is well-positioned for long-term success.
The $250 crore in funding will be used to further strengthen the company’s balance sheet, allowing them to accelerate growth, expand operations, and position themselves for an IPO debut that could set the stage for even bigger success.
The Road Ahead: Can Captain Fresh Continue Its Meteoric Rise?
As Captain Fresh gears up for its IPO and continues to scale its operations, there’s no doubt that the future looks bright. The company is on track to double its operating profits and achieve $1 billion in revenue within the next 12 months—cementing its place as a global seafood industry leader.
With a focus on quality, sustainability, and an integrated supply chain, Captain Fresh is setting the standard for what a modern seafood company should look like. Whether it’s providing fresh seafood to high-demand regions like the U.S., Europe, or the UAE, or building out new logistics capabilities to improve delivery times, Captain Fresh is clearly a company to watch.
Captain Fresh is not just another seafood supply chain company—it’s a global powerhouse on the rise, and this Rs 250 crore funding round is only the beginning. With top-tier investors backing them and ambitious growth plans, the company is set to redefine the global seafood supply chain and capture a larger slice of the multi-billion dollar industry.
As Captain Fresh continues its journey towards its IPO and expansion across international markets, it is positioned to become a dominant player in the seafood industry. Keep an eye on this Bengaluru-based startup, because it’s just getting started.
