Funding Alert

Captain Fresh Raises ₹250 Crore in Pre-IPO Round from Existing Investors

• ByStartupStory     |    February 2, 2025

Bengaluru-based seafood supplier startup Captain Fresh has secured ₹250 crore in a pre-IPO round from its existing investors, marking a significant milestone as it gears up for its public listing. The round also saw participation from family offices of prominent investors, including Sriharsha Majety (Co-founder, Swiggy), Sid Khanna (Chairman, India Equity Partners), Sunjay Kapur (Chairman, Sona Comstar), and Shivalik Prints, among others.

As part of its pre-IPO fundraising strategy, Captain Fresh plans to raise $100 million from new and existing investors in December. The latest investment follows its $25 million extended Series C round earlier in 2024, bringing its total funding to $490 million, according to Tracxn.

Strengthening Balance Sheet for IPO Readiness

Commenting on the fresh capital infusion, Utham Gowda, Founder and Group CEO of Captain Fresh, said:
“We have transformed into a truly global business over the last 24 months, with more than 98% of our demand coming from outside India. Current funding enables us to exceed $1 billion in revenue in the next 12 months, which puts us amongst the top 25 seafood players in the world. We also have building blocks in place to expand margins, achieving 2X operating profits.”

The company has witnessed strong financial growth, posting ₹1,394.8 crore in operating revenue for FY24, a 70% jump from ₹817.1 crore in FY23, as per Registrar of Companies (RoC) filings. The firm also narrowed its losses by 22%, bringing them down from ₹293 crore in FY23 to ₹229 crore in FY24.

Expanding Global Presence

Captain Fresh operates in the seafood and animal protein supply chain and has an export-driven model, differentiating it from local players in India. The company’s revenue from India dropped to ₹672.3 crore from ₹723.4 crore in FY23, while its international business in markets like the United States, UAE, and China saw exponential growth.

The startup is backed by prominent investors, including Accel, Tiger Global Management, Prosus Ventures, Z47 (formerly Matrix Partners India), Evolvence Group, and British International Investment.

With its sights set on an IPO, Captain Fresh is focused on strengthening its balance sheet and expanding its global footprint, leveraging acquisitions and strategic partnerships to scale revenue and improve operating profits.

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