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Seafood Tech Startup Captain Fresh Raises Rs 250 cr In Ongoing Pre-IPO Round

Captain Fresh, an online meat and seafood supplier based in Bengaluru, has raised Rs 250 crore in a funding round before its planned initial public offering (IPO).

By Jitendra Das
New Update
Seafood Tech Startup Captain Fresh Raises Rs 250 cr In Ongoing Pre-IPO Round

Captain Fresh, an online meat and seafood supplier based in Bengaluru, has raised Rs 250 crore in a funding round before its planned initial public offering (IPO). Current investors, Prosus Ventures, Accel and Tiger Global Management led the round.

Several Indian family offices also joined in, including those of Swiggy co-founder Sriharsha Majety, India Equity Partners chairman Sid Khanna, Sona Comstar chairman Sunjay Kapur, Shivalik Prints and multiple others. 

The company aims to go public in the next financial year.

Last month, Captain Fresh raised Rs 100 crore (about $12 million) in funding from Motilal Oswal Wealth Limited at a valuation of about $526 million.

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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 percent 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 among the top 25 seafood players in the world."

"We also have the building blocks in place to expand margins, achieving 2X operating profits. The fresh capital will strengthen the balance sheet and serve as a strong foundation for our upcoming IPO," he added.

About Captain Fresh 

Founded in 2020 by Utham Gowda, the Bengaluru-based Captain Fresh has quickly become a major player in the global seafood industry by using technology to improve its supply chain. The company’s revenue has grown five times in the past two years, making it the largest cross-border B2B marketplace from India.

The company has been profitable for the last two quarters and is expected to reach $550 million in revenue by the end of FY25.

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