Online seafood marketplace Captain Fresh raises $40 million
- ByTejika Bajaj | December 27, 2021
Online seafood marketplace Captain Fresh has raised $40 million in an investment round co-led by Tiger Global and Prosus Ventures (formerly Naspers Ventures). Existing investors Matrix Partners India, Accel India, Ankur Capital, and Incubate Fund also participated in the Series B round.
The company officials revealed that the startup is likely to utilize the recently infused capital to build a real-time trading marketplace, AI for pricing and quality standardisation and applying robotic automation to move volumes with precision. Captain Fresh will also utilise the funds towards expanding its team and distribution network across geographies.
Talking about the recent infusion of capital, the Head of Investments at Prosus Ventures, Ashutosh Sharma said, “The team has demonstrated impressive execution and strong unit economics. We are confident about their ability to utilise technology to solve efficiency and scalability challenges and at the same time make a very positive impact on a large number of fishermen in the country.”
Captain Fresh helps small fishermen and farmers by aggregating countrywide retail demand on its platform. The startup claims that its tech-enabled distribution network spans across 20 cities and more than 2,000 retail businesses. Its reseller segment (B2B2C) has demonstrated an increase of 20x within just three months of launch, retailing about 1.2M kgs of fish and seafood every month. Its positive unit economics, coupled with industry-leading gross margins, high frequency and rapid expansion make it the leading fish & seafood marketplace in India.
“For centuries, the fish and seafood industry has stayed the same with very little innovation and we have a unique opportunity to revolutionize the sector utilising technology,” said Utham Gowda, chief executive officer and founder, Captain Fresh.
Follow Startup Story
Related Posts
