Motilal Oswal’s investment in Captain Fresh amounts to INR 100 crore, signalling strong confidence in the Bengaluru-based seafood startup. This funding supports Captain Fresh’s upcoming IPO plans, aiming for a valuation between USD 1.3 billion and USD 1.5 billion. Founded in 2019 by Utham Gowda, Captain Fresh has carved out a strong position in the seafood supply chain industry. With a catalogue featuring over 100 varieties of fish and seafood sourced from 12+ countries, it now exports to 30 nations. Its distribution network spans continents, offering reach and reliability.
The company’s global operations include offices in cities like Bengaluru, Dubai, Paris, Amsterdam, and Madrid. This geographic footprint signals its ambitions to dominate not just local markets but also international seafood trade. And with sustainability and traceability woven into its DNA, Captain Fresh is appealing to eco-conscious customers worldwide.
Numbers Behind Motilal Oswal’s Investment in Captain Fresh
According to regulatory filings, Captain Fresh raised INR 100 crore by issuing 1,002 preference shares priced at INR 9,98,399 each. It’s a pre-IPO push, with Axis Capital and Bank of America (BofA) onboard as banking partners for what could be a USD 350-400 million IPO.
The new round follows a USD 48 million raise earlier in the year, backed by heavyweight investors like SBI Investment, Evolvence Capital, and Tiger Global, among others. Post-deal, Motilal Oswal Wealth’s stake in Captain Fresh will be 2.26%, valuing the company at approximately INR 4,424 crore (USD 526 million).
Such numbers reflect a lot of confidence in Captain Fresh’s potential, even as it balances growth and profitability challenges.
Captain Fresh Acquisitions
Captain Fresh isn’t sitting still. In 2024, it went on an acquisition spree to reinforce its global standing:
- Senecrus – A shrimp processor and distributor in Paris.
- CenSea – A seafood distributor based in the U.S.
- Koral – A Polish seafood company.
These acquisitions deepen the company’s sourcing and processing capabilities while expanding its product variety. With operations now covering multiple regions, Captain Fresh is building resilience into its supply chain and positioning itself as a vertically integrated giant.
Revenue Growth vs. Rising Losses
Captain Fresh’s financial performance has been a mixed bag. Revenue jumped 4X to INR 817 crore in FY23, up from INR 208 crore the previous year. But losses ballooned, too—climbing 2.8X to INR 296 crore during the same period.
Despite the losses, the company continues to double down on growth. Investments in AI-driven quality checks, predictive inventory systems, and logistics optimization reflect a long-term vision for profitability. It’s a balancing act between scaling up and keeping costs under control.
Broader Investment Trends: Motilal Oswal Bets Big on Startups
Motilal Oswal Wealth has been busy. It recently pumped USD 350 million into quick-commerce platform Zepto and took part in Zomato’s INR 1,000 crore QIP fundraising, securing a significant chunk of the total issue.
Now, with Captain Fresh added to its portfolio, the investment firm is betting on scalable business models with high-growth potential. Its track record shows a preference for market disruptors—whether in food delivery, e-commerce, or seafood.
Captain Fresh’s IPO on the Horizon – What’s Next?
With fresh funding secured, Captain Fresh is eyeing further global expansion. The focus on acquisitions and partnerships highlights its intent to dominate the international seafood market.
The upcoming IPO could provide the firepower needed to sustain this momentum. Investors are watching closely, especially as the company works to fine-tune profitability and streamline operations. Whether its AI-enabled systems or sustainability practices will pay off remains to be seen, but the direction is clear—Captain Fresh is building for the long haul.
As consumers grow more concerned about ethical sourcing and sustainability, Captain Fresh’s emphasis on traceability might also give it an edge. Modern buyers are demanding transparency, and companies that deliver on that front stand to win big.
Final Thoughts
Motilal Oswal’s INR 100 crore investment in Captain Fresh is more than just a cash injection—it’s a vote of confidence. With technology, acquisitions, and global reach in its corner, the seafood startup is positioning itself as a serious contender in the market.
But challenges remain. Rising losses and the pressures of scaling quickly could test the company’s ability to stay profitable. Still, with an IPO in sight and a clear strategy for growth, Captain Fresh is one to watch in the coming months. For more information related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
