Latest Post
Bengaluru-based B2B seafood startup, Captain Fresh, has raised $12 million in a funding round led by Motilal Oswal Wealth Limited. This investment aims to enhance the company’s operations, expand its global footprint, and prepare for a potential IPO.
Company Overview
Founded in 2019 by Utham Gowda, Captain Fresh is a business-to-business (B2B) seafood marketplace that leverages technology to streamline the supply chain between fishers and retailers.
The company sources a diverse range of over 100 species of fish and seafood from multiple countries, ensuring quality and freshness for its clients. With operations spanning India, the United States, Dubai, Paris, Oslo, Amsterdam, and Madrid, Captain Fresh has established a significant presence in the global seafood market.
Funding Details
In December 2024, Captain Fresh raised ₹100 crore (approximately $12 million) from Motilal Oswal Wealth Limited. The board approved the issuance of 1,002 preference shares at an issue price of ₹9,98,399 each to enable this investment. After the funding, Motilal Oswal owns a 2.26% stake in the company, valuing Captain Fresh at around ₹4,424 crore ($526 million).
Strategic Objectives
The infusion of capital is strategically aligned with plans for growth and expansion:
Pre-IPO positioning: The funding seems a part of the pre-ipo round, with reports surfacing that the company has also appointed Axis Capital and BofA as bankers in a proposed IPO worth USD 350-400 mm.
- Global Expansion: Captain Fresh has been an acquisition machine, acquiring three companies: Paris-based shrimp cooker and distributor Senecrus, US-based CenSea, and Poland-based Koral.
- Operational Enhancement: The company would use the funds to strengthen its supply chain, make technology investments, and further diversify its product lines for increased seafood demand globally.
Market Position and Growth
Captain Fresh has had strong growth since its inception:
- Revenue Growth: Captain Fresh in FY23 managed fourfold year on year. So, from FY22 at ₹208 crores the same revenue stood at ₹817 crores for FY23.
- Customers Reached: In over 30 countries, the Company offers its products to retailer stores, restaurants, as well as all seafood businessmen in the whole of a customer network.
- Product Portfolio: The company has a portfolio of more than 100 species of fish and seafood, procured from more than a dozen countries. This is to ensure that a very high variety of offerings exists for the clients.
Challenges and Future Outlook
Although revenues have grown so significantly, Captain Fresh faces some challenges:
- Increased Losses: Aggressive expansion brought a rise in losses up by 2.8 times at ₹296 crores for FY23.
- Market Competition: The seafood industry is very competitive with numerous players vying for market share. Captain Fresh focuses on technology and supply chain efficiency to provide a competitive edge.
Moving forward, the captain is going to further its expansion, improve efficiency of operations, and gear for a successful IPO. Such funding will significantly help it accomplish these objectives, positioning the firm for sustainable growth in the global seafood market.
Summary
Captain Fresh, a Bengaluru-based B2B seafood startup, has raised $12 million in a funding round led by Motilal Oswal Wealth Limited. This capital will be used to enhance the company’s operations, expand its international footprint, and position itself for a potential IPO. Founded in 2019, Captain Fresh has grown rapidly, achieving significant revenue growth and expanding operations across multiple countries.
