KuberGrow Team Bengaluru-based seafood supplier Captain Fresh has successfully raised INR 250 crore in its pre-IPO funding round, backed by its existing investors. The investment round saw participation from Accel, Tiger Global Management, Prosus Ventures, Z47 (formerly Matrix Partners India), Evolvence Group, and British International Investment, among others. Several prominent family offices, including those of Sriharsha Majety (Co-founder, Swiggy), Sid Khanna (Chairman, India Equity Partners), Sunjay Kapur (Chairman, Sona Comstar), and Shivalik Prints, also contributed.
This funding marks the initial phase of a larger USD 100 million capital raise planned for December. Earlier in the year, Captain Fresh secured USD 25 million in an extended Series C round, bringing its total funding to USD 490 million, as per Tracxn data.
Founder and Group CEO Utham Gowda highlighted the strategic significance of this investment, stating that Captain Fresh has transformed into a global enterprise over the past two years, with over 98% of its demand originating from international markets. The latest infusion of capital is expected to propel the company past the USD 1 billion revenue milestone within a year, establishing it among the top 25 seafood suppliers worldwide. Gowda emphasized that the company is well-positioned to expand its profit margins and double its operating profits.
Captain Fresh experienced substantial growth in FY24, with its operating revenue surging to INR 1,394.8 crore from INR 817.1 crore in FY23. Additionally, the company managed to reduce its losses by 22%, bringing them down to INR 229 crore from INR 293 crore in the previous fiscal year. This success was largely driven by strategic acquisitions, mergers, and a strong export-oriented business model.
The company’s presence in international markets such as the US, UAE, and China has significantly contributed to its revenue growth, while its domestic revenue declined from INR 723.4 crore in FY23 to INR 672.3 crore in FY24.
With headquarters in Bengaluru, Captain Fresh maintains a global footprint with offices in key locations such as Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company sources a diverse range of seafood from the Pacific, Atlantic, and Indian Oceans to cater to the growing demand in high-value markets.
Supported by leading investors, Captain Fresh is poised to strengthen its global leadership in the seafood supply industry as it moves closer to its anticipated IPO.
