Captain Fresh Secures Rs 250 Crore in Pre-IPO Round, Eyes Global Expansion

Captain Fresh, the global seafood supply chain company, has raised Rs 250 crore (approximately $30 million) in its pre-IPO funding round, led by prominent investors Prosus Ventures, Accel, and Tiger Global. The funding follows a Rs 100 crore investment from Motilal Oswal Wealth Limited last month, strengthening the company's financial position ahead of its planned public offering.

The latest round attracted notable individual investors, including the family office of Swiggy co-founder Sriharsha Majety, India Equity Partners chairman Sid Khanna, Sona Comstar chairman Sunjay Kapur, and textile manufacturer Shivalik Prints.

"We have transformed into a truly global business over the last 24 months, with more than 98% of our demand coming from outside India," said Utham Gowda, founder & Group CEO of Captain Fresh. "The current funding enables us to exceed $1 billion in revenue in the next 12 months, which puts us among the top 25 seafood players in the world. We also have building blocks in place to expand margins, achieving 2X operating profits."

The Bengaluru-headquartered company has established a significant global presence with offices across major cities including Chicago, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. Captain Fresh sources seafood from the Pacific, Atlantic, and Indian Ocean regions, primarily serving high-capita markets in the US, Europe, and the UAE.

The company's growth trajectory is reflected in its financial performance, with gross revenue (GMV) climbing 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. While the company reported a net loss of Rs 229 crore in FY24, this represented a 22% reduction from the previous year. Captain Fresh claims to have achieved PAT profitability for two consecutive quarters and projects FY25 revenue of $550 million (Rs 4,620 crore).

With this latest funding, Captain Fresh's total capital raised stands at $176 million, according to TheKredible. Founder Utham Gowda maintains a 17.25% stake in the company. The fresh capital will strengthen the company's balance sheet as it prepares for its upcoming IPO, which is expected to be filed by year-end. Sources indicate the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.