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Captain Fresh raises Rs 290 Cr from Blue Earth Capital

EntrackrEntrackr · 9d ago
Captain Fresh raises Rs 290 Cr from Blue Earth Capital
Medial

Captain Fresh raises Rs 290 Cr from Blue Earth Capital Seafood supply chain startup Captain Fresh has secured Rs 290 crore in sustainability-linked financing from global impact investor Blue Earth Capital. The funding will be used to expand Captain Fresh’s global distribution capabilities and strengthen sustainability initiatives across seafood value chains. Founded in 2020 by Utham Gowda, Captain Fresh operates a technology-driven platform that integrates seafood sourcing, processing and distribution. The company’s digital operating system focuses on improving traceability and efficiency across the fragmented seafood supply chain. Captain Fresh sells packaged seafood through a portfolio of brands including CenSea, Frime, Koral, Senecrus, ChopServe, Ocean Edge and Ocean Garden. Its customer base includes distributors and retailers across markets such as the US, Europe, the UAE and India. During FY25, the company claims to have served around 1,300 customers across more than 30 countries and traded in over 90 seafood species including shrimp, salmon, tuna and lobster. Its sourcing network spans more than 650 suppliers across 35 countries. Bengaluru-based Captain Fresh has expanded globally through acquisitions. Last week, it completed the acquisition of Spain-based tuna processor Frime. In 2024, it acquired Poland-based salmon company Koral. Earlier, it acquired US-based seafood importer CenSea and France-based seafood distributor Senecrus. According to its FY25 financials, Captain Fresh reported a 2.5X jump in gross merchandise value to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. The company also posted a net profit of Rs 42 crore compared to a loss of Rs 229 crore in the previous year.

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.

Captain Fresh acquires Spain-based tuna processor Frime

EntrackrEntrackr · 16d ago
Captain Fresh acquires Spain-based tuna processor Frime
Medial

Bengaluru-based seafood supply chain company Captain Fresh has completed the acquisition of Spain-based tuna processor Frime. The deal strengthens its presence across key global seafood categories. Founded in 1977 and headquartered in La Roca near Barcelona, Frime specialises in premium yellowfin tuna and serves retail and foodservice customers across 33 countries. The company generates more than €180 million ($213 million) in revenue and holds over 20% share of Europe’s yellowfin tuna market. With this acquisition, Captain Fresh expands its multi-species portfolio and gains a major processing footprint in Europe. Frime operates four production sites across seven factories with an annual processing capacity of 15,000 tonnes of frozen products, 9,000 tonnes of fresh tuna, and 3,800 tonnes of semi-preserved products. The company recently invested €50 million ($59 million) in modern processing facilities in Barcelona. Captain Fresh said that the acquisition strengthens its presence across three large seafood categories including crustaceans, salmon, and tuna. The company plans to scale Frime’s tuna through its distribution network in the United States and expand its crustacean and salmon portfolio across Europe. Frime’s leadership team, including chairman Salvador Ramon Mateo and CEO Pablo Múgica, will continue to lead the company within the Captain Fresh group. The development comes months after Captain Fresh withdrew its draft red herring prospectus filed with the Securities and Exchange Board of India. The company took this step to facilitate closure of a material acquisition and maintain flexibility in its capital structure. Captain Fresh has expanded globally through acquisitions. In 2024, it acquired Poland-based salmon company Koral to strengthen its presence in the European salmon market. Earlier, it acquired US-based seafood importer CenSea and France-based seafood distributor Senecrus. According to its FY25 financials, Captain Fresh reported a 2.5X jump in gross merchandise value to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. The company also posted a net profit of Rs 42 crore compared to a loss of Rs 229 crore in the previous year.

Captain Fresh withdraws DRHP, to refile after acquisition closure

EntrackrEntrackr · 2m ago
Captain Fresh withdraws DRHP, to refile after acquisition closure
Medial

Global packaged seafood company Captain Fresh has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), according to information published by the markets regulator. The Bengaluru-based company was planning to raise Rs 1,700 crore through a fresh issue as part of its initial public offering (IPO). Ahead of the listing, Captain Fresh had secured Rs 250 crore in pre-IPO funding led by existing investors Prosus Ventures, Accel, and Tiger Global, with participation from the family office of Swiggy cofounder Sriharsha Majety, India Equity Partners chairman Sid Khanna, and the late Sunjay Kapur of Sona Comstar, among others. Confirming the development, Captain Fresh said it has voluntarily withdrawn its pre-DRHP to facilitate the expedited closure of a contemplated material acquisition. The company added that it has secured all necessary regulatory approvals for the transaction and is currently executing final deal-related activities, which are expected to significantly enhance its global market position. Despite the withdrawal, Captain Fresh clarified that its original IPO roadmap remains unimpacted. The company said it remains committed to its listing timelines and will proceed with a fresh filing once the transaction is closed. It also highlighted its improving financial performance, noting that the Captain Fresh group has substantially surpassed its previous full-year EBITDA and profit after tax in the first six months of FY26, reflecting expanding margins and sustained profitable growth. Founded in 2020 by Utham Gowda, Captain Fresh operates a tech-led B2B supply chain platform for packaged seafood, with operations spanning India, the Middle East, Europe, and the US. In FY25, the company reported a 145% jump in GMV to Rs 3,421 crore, led largely by recent acquisitions, including US-based seafood importer CenSea, France-based Senecrus, and Poland-based salmon company Koral. According to 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. Its investor base includes Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus.

Exclusive: Captain Fresh to raise Rs 120 Cr in equity round led by founder

EntrackrEntrackr · 9d ago
Exclusive: Captain Fresh to raise Rs 120 Cr in equity round led by founder
Medial

Exclusive: Captain Fresh to raise Rs 120 Cr in equity round led by founder Soon after withdrawing its draft papers for an initial public offering (IPO) to close an acquisition, global packaged seafood company Captain Fresh is raising Rs 120 crore (around $13.3 million) in an equity round led by its founder and CEO, Utham Gowda, two sources aware of the development told Entrackr. “The fresh capital infusion is aimed at increasing the promoter’s stake in the company, with Gowda investing a significant portion of the round through personal funds,” said one of the sources requesting anonymity. Gowda, who currently holds around 17% stake in the company, will see his shareholding rise to nearly 19% following the investment, as per sources. “Gowda will invest around Rs 100 crore through his entity Tigerlily Properties, while the remaining capital will be infused by investors, including Avanti Feeds, Veer Growth Fund, and others,” said the second source who also requested anonymity as discussions are private. The development also comes shortly after the Bengaluru-based company secured Rs 290 crore in sustainability-linked financing from global impact investor Blue Earth Capital. Founded in 2020 by Gowda, Captain Fresh operates a tech-led B2B supply chain platform for packaged seafood, with operations spanning India, the Middle East, Europe, and the US. The company was earlier planning to raise Rs 1,700 crore through a fresh issue as part of its IPO, which Entrackr had reported exclusively. Ahead of the planned listing, Captain Fresh had also secured Rs 250 crore in pre-IPO funding led by existing investors Prosus Ventures, Accel, and Tiger Global. However, Captain Fresh recently withdrew its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI). The company clarified that its original IPO roadmap remains unchanged and that it will proceed with a fresh filing after completing an ongoing acquisition. For the fiscal year ended March 2025, Captain Fresh reported a 145% jump in gross merchandise value (GMV) to Rs 3,421 crore, led by recent acquisitions including US-based seafood importer CenSea, France-based Senecrus, and Poland-based salmon company Koral.

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