Bengaluru-based seafood supply chain Captain Fresh pre-IPO round attracts INR 250 crore, strengthening its balance sheet ahead of a public listing. The funding round is led by existing investors Prosus Ventures, Accel, and Tiger Global Management. The round also attracted investments from domestic family offices, including Swiggy co-founder Sriharsha Majety, India Equity Partners chairman Sid Khanna, Sona Comstar chairman Sunjay Kapur, and Shivalik Prints.
Scaling Global Operations
Founded in 2020 by Utham Gowda, Captain Fresh has become a dominant B2B seafood supplier with a significant international presence. Over 98% of its revenue comes from global markets, including the U.S., Europe, the Middle East, and China.
“This capital infusion allows us to exceed USD 1 billion in revenue within a year, solidifying our position among top global seafood players,” said Utham Gowda, Founder & Group CEO. The company has expanded its supplier network, forging partnerships with fisheries worldwide to ensure a steady supply of premium seafood.
Financial Performance and IPO Plans
Captain Fresh has been profitable for two consecutive quarters. In FY24, the company reported operating revenue of INR 1,395 crore, a 71% year-on-year increase from INR 817 crore in FY23. Net loss declined by 22% to INR 229 crore from INR 294 crore in the previous fiscal year.
With projections to close FY25 at USD 550 million (INR 4,620 crore) in revenue, Captain Fresh aims to double its operating profits. The company has appointed Axis Capital and BofA as lead bankers for its IPO, expected to be filed by late 2025. Given its financial growth and global reach, the IPO is likely to attract strong institutional interest.
Fundraising History
The current pre-IPO funding follows:
- December 2024: Raised USD 100 million (~INR 870 crore) from existing and new investors.
- Early 2024: Secured USD 48 million (~INR 416 crore) in a round led by Japan-based SBI Investment and Evolvence Capital.
- Last month: Raised INR 100 crore from Motilal Oswal Wealth, valuing the company at USD 526 million (INR 4,560 crore).
According to Tracxn, Captain Fresh has raised USD 490 million (~INR,250 crore) to date, reflecting strong investor confidence.
Captain Fresh’s Global Reach
Headquartered in Bengaluru, Captain Fresh has established offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. It sources seafood from the Pacific, Atlantic, and Indian Oceans, catering to high-demand markets in the U.S., UAE, and Europe.
Despite declining domestic market contributions (INR 672.3 crore), international sales continue to grow. “We are scaling operations to meet global demand while maintaining sustainable and profitable growth,” Gowda stated.
Captain Fresh is leveraging AI-driven logistics to streamline seafood distribution and reduce bottlenecks. The company prioritizes sustainable sourcing, aligning with global environmental standards. It is also exploring mergers and acquisitions to strengthen its European and North American presence. Talks are underway with leading seafood processors, and new premium product lines are in development.
Outlook Ahead of IPO
With a strengthened balance sheet, robust investor support, and aggressive global expansion, Captain Fresh is well-positioned for a successful IPO. Its focus on technology-driven supply chain solutions and sustainable growth enhances its market standing.
As the IPO nears, Captain Fresh is poised to become one of the world’s largest seafood suppliers, reinforcing India’s leadership in the global seafood industry.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.