Captain Fresh raises Rs 250 Cr from existing backers in pre-IPO round

Seafood supplier startup Captain Fresh announced on Friday that it raised Rs 250 crore from existing investors as part of its pre-IPO round.

The round also saw participation from the family offices of Sriharsha Majety (Co-founder, Swiggy), Sid Khanna (Chairman of India Equity Partners), Sunjay Kapur (Chairman of Sona Comstar), Shivalik Prints, and multiple others.

As part of its pre-IPO round, Captain Fresh is raising $100 million from new and existing investors in December. Earlier in 2024, it raised $25 million in an extended Series C round, taking its total investment to $490 million, according to Tracxn.

According to Utham Gowda, Founder and Group CEO of Captain Fresh, the capital will strengthen the balance sheet and serve as a strong foundation for the company's upcoming IPO.

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In a statement, he added, "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 Bengaluru-based firm posted operating revenue of Rs 1,394.8 crore in FY24 from Rs 817.1 crore in FY23, according to filings made with the Registrar of Companies (RoC).

The company saw its loss narrow by 22% to Rs 229 crore from Rs 293 crore even as it saw its growth driven by acquisitions and mergers.

Captain Fresh, which makes money through the supply of seafood and other animal protein, doesn't have direct peers in India on account of its export-focused model. The company’s revenue contribution from Indian geography fell to Rs 672.3 crore from Rs 723.4 crore in FY23, while contributions from geographies like the United States, UAE, and China have grown multifold.

The company counts Accel, Tiger Global Management, Prosus Ventures, Z47 (formerly Matrix Partners India), Evolvence Group, and British International Investment as its backers.