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Captain Fresh acquires Poland-based salmon company Koral

EntrackrEntrackr · 1y ago
Captain Fresh acquires Poland-based salmon company Koral
Medial

Seafood supply chain firm Captain Fresh has acquired Koral, a Poland-based producer and distributor of branded salmon products. Captain Fresh has signed the agreement with Abris Capital Partners, the ESG transformation specialist private equity investor, and Boguslaw Kowalski, the company’s founder. The transaction is subject to the Polish antimonopoly office and other regulatory approvals. Prior to this, Captain Fresh had acquired CenSea, an American importer of frozen seafood and Senecrus, a French shrimp cooker and distributor. The Bengaluru-based company says that Boguslaw Kowalski and Justyna Frankowska will lead its global salmon strategy. According to market research, the salmon market is estimated at $33.5 billion in 2024. Koral manufactures smoked salmon products that are sold across domestic and international markets under the brand SuperFish. The company has 26 production lines, processing 120 tons of fish daily. Launched in 2020 by Utham Gowda, Captain Fresh is an online B2B platform offering seafood products. The platform offers trade of seafood such as shrimps, salmon, tuna, crab, lobsters, and more. It procures, processes, and distributes for retailers. Its mobile application is available on Android and iOS platforms. Fresh Captain is backed by major investors including Tiger Global Management, Prosus Ventures, British International Investment, Matrix Partners India, Accel, SBI Holdings, Evolvence Group, Ankur Capital and Incubate Fund. It has raised $165 million till to date. The firm is expected to close the current financial year at a revenue run rate of $650 to $700 million.

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IPO-bound Captain Fresh reports Rs 1,300 Cr GMV in FY24; losses up 4.4x

EntrackrEntrackr · 7m ago
IPO-bound Captain Fresh reports Rs 1,300 Cr GMV in FY24; losses up 4.4x
Medial

Captain Fresh is preparing for its IPO and recently secured Rs 100 crore from Motilal Oswal Group. The investment follows a solid financial performance by the company in the previous fiscal year, although the firm has not been able to rein in its losses. Captain Fresh's gross revenue (GMV) increased by 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Captain Fresh is a business-to-business seafood marketplace with a farm-to-retail platform for animal protein–fish, seafood, and sheep. The startup procures directly from the agents or farmers and supplies across B2B, B2R, and B2B2C channels. It leverages its bid engine, proprietary quality inspection, and satellite technology, ensuring match-making of demand and supply. The surge in revenue was primarily driven by the sale of products, which contributed Rs 1,385 crore. This represents 99.28% of the total operating revenue. Other operating revenue and sale of services added Rs 8.7 crore and Rs 1.3 crore, respectively. The company made an additional Rs 27 crore from interest income, which pushed its total revenue to Rs 1,422 crore in FY24. On the expenses front, the cost of materials emerged as the largest expense, escalating by 72.5% to Rs 1,311 crore, accounting for 79.55% of the total expenses. Employee benefit expenses saw a significant decline of 32.45%, reducing to Rs 81.6 crore, while legal charges increased by 30.56% to Rs 47 crore. Transportation costs dropped by 24% to Rs 38 crore, and other expenses remained relatively stable at Rs 170.4 crore. Overall, total costs grew by 44.82% to Rs 1,648 crore in FY24 from Rs 1,138 crore in FY23. Captain Fresh's loss spiked by 4.4X to Rs 229 crore in FY24 from Rs 52 crore in FY23. Its ROCE and EBITDA Margin stood at -22.95% and -12.10%, respectively. On a unit level, the company spent Rs 1.18 to earn a rupee of operating revenue in FY24. The company had current assets worth Rs 1,804 crore, including Rs 148 crore of cash and bank balance in the previous fiscal. According to TheKredible, Captain Fresh has raised a total funding of $176 million to date, with Matrix Partners, Tiger Global, Accel, Prosus, and Ankur Capital as its lead investors. Last year, it also took over three companies: Paris-based shrimp cooker and distributor Senecrus, US-based CenSea, and Poland-based Koral. The new funding appears to be part of a pre-IPO round. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million. While the increase in costs (and losses) can be attributed to the string of acquisitions and related costs (especially legal costs), Captain Fresh seems to be working to a plan. The biggest risk, of course, remains the main commodity in this case, seafood itself, which has high susceptibility to supply-side shocks due to natural as well as unnatural events like disease outbreaks, etc. However, the broader trends remain in favor of the business as well as Captain Fresh's own prospects, as demand remains steady with an upward bias. The US and European buys should also support margins besides providing better access for products sourced in India, beyond better credibility in India itself. It remains to be seen if 2025 is when the early signs, including profitability at EBITDA or even net profits, become visible.

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO

EntrackrEntrackr · 10d ago
Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO
Medial

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO B2B seafood supply chain startup Captain Fresh is set to raise Rs 1,700 crore (about $200 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). The Tiger Global-backed company is reportedly eyeing a total issue size of $350-400 million, including an offer for sale (OFS). According to regulatory filings accessed by Entrackr, the company’s board approved a special resolution earlier this month to issue equity shares worth up to Rs 1,700 crore in a fresh issue. The move comes close on the heels of its transition into a public limited company, which Entrackr had exclusively reported in July. The filings further indicate that Captain Fresh is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company’s shares will be listed on both the BSE and NSE following regulatory approvals. Captain Fresh declined to comment on the story. Founded in 2020 by Utham Gowda, Captain Fresh is a multi-species, multi-geography seafood company that orchestrates transactions among various stakeholders in the seafood ecosystem. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22% to Rs 229 crore in the same period.

Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr · 1m ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Fresh’s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50–75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

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