Funding Alert

Captain Fresh Eyes $100 Mn Funding Ahead of IPO Plans

• ByStartupStory     |    December 5, 2024

Bengaluru-based B2B seafood platform Captain Fresh is reportedly in talks to secure fresh funding of $50-100 million in a new round that could value the company between $600 million and $650 million.

According to sources familiar with the matter, the funding round is expected to include both primary and secondary components. Existing investors such as Accel and Prosus are likely to participate, with new investors already issuing term sheets.

“The round will close in the coming months and may be a part of the company’s pre-IPO round,” a source stated.

While Captain Fresh’s founder and CEO, Utham Gowda, declined to comment on the development, the company has been making strategic moves in preparation for an IPO planned for next year. Recently, it brought on Axis Capital and Bank of America to assist with its public market debut.

Earlier this year, Captain Fresh raised nearly $7 million (INR 58 crore) from British International Investment (BII), resulting in a 1.45% stake for the UK-based investor. According to sources, the company had a pre-money valuation of $500 million to $600 million during this round.

At the start of 2024, the seafood chain also secured $13 million in funding from Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and other investors.

For its IPO, Captain Fresh is reportedly targeting a valuation of $1.3 billion to $1.5 billion.

Earlier this year, Captain Fresh considered acquiring Poland-based food and beverage manufacturer Koral, signaling its intentions to expand its footprint in the European market.

The company also appointed Mathew George as its group Chief Financial Officer (CFO) earlier in the year, further strengthening its leadership team as it gears up for the IPO.

Captain Fresh, founded in 2019 by Utham Gowda, operates as a farm-to-retail platform for fish, seafood, and sheep. The startup sources products directly from agents and farmers and distributes them through its B2B and B2B2C channels.

However, the company has reportedly discontinued its B2B operations in most cities, while its B2B2C activities are now limited to just a few locations in India.

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