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Captain Fresh posts Rs 773 Cr GMV and Rs 252 Cr loss in FY23
Entrackr
·
1y ago
Medial
B2B animal protein marketplace Captain Fresh recorded 23X growth in its gross scale (GMV) in the last two reported fiscals: rising from Rs 33 crore in FY21 to Rs 773 crore in FY23. But this hyper-growth came at a steep cost with its losses skyrocketing 28X during the same period. Captain Fresh India’s gross revenue surged 3.7X year-on-year (YoY) to Rs 773 crore in FY23 from Rs 208 crore in FY22, its annual financial statements filed with the Registrar of Companies (RoC) show. Captain Fresh follows a farm-to-retail model with a sole emphasis on fish and seafood. It sources directly from agents or farmers and distributes to retailers with consumer-facing web and mobile apps. The sale of fish and sea foods including shrimp, cephalopods, crab, and lobster was the primary revenue source for Captain Fresh. Apart from India, the firm has a presence in the US, Dubai, and Madrid; but the firm didn’t disclose its income split across these geographies. A large funding round also meant that Captain Fresh made Rs 28 crore from interest on deposits and gain on investment (non-operating), pushing its overall income to Rs 801 crore in FY23. For the animal protein aggregator, the cost of procurement accounted for 68.5% of the overall expenditure. To the tune of scale, this cost soared 3.6X to Rs 722 crore in FY23. Captain Fresh’s employee benefits, commissions, freight, contracted manpower, legal, and other overheads pushed its overall expenditure to Rs 1,054 crore in FY23 from Rs 315 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 315 Cr https://thekredible.com/company/captain-fresh/financials View Full Data To access complete data, visithttps://thekredible.com/company/captain-fresh/financials Total ₹ 1,054 Cr https://thekredible.com/company/captain-fresh/financials View Full Data To access complete data, visithttps://thekredible.com/company/captain-fresh/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Legal professional Legal professional Commission paid other selling agents Commission paid other selling agents Travelling conveyance Travelling conveyance Advertising Advertising Freight Freight Contracted manpower Contracted manpower Others To check complete Expense Breakdown visit thekredible.com View full data The surge in procurement and employee benefits led to Captain Fresh posting a 2.45X jump in its losses which stood at Rs 252 crore in FY23. Its ROCE and EBITDA margins stood at -50% and -33.3%, respectively. On a unit level, the firm spent Rs 1.36 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -51% -33.3% Expense/₹ of Op Revenue ₹1.51 ₹1.36 ROCE -16% -50% The Bengaluru-headquartered firm has raised over $190 million to date. According to the startup data intelligence platform TheKredible, Matrix Partners is the largest external stakeholder with 13.44% followed by Accel Partners, Ankur Capital, and Tiger Global among others. Captain Fresh’s total current assets were recorded at Rs 665 crore including the cash and bank balances of Rs 179 crore during the fiscal year ended March 2023. The company’s enterprise value to revenue multiple stood at 3X. The focus on marine products ensures that Captain Fresh, even as it waits for the Indian market to develop more deeply, will continue to seek sales outside India. In the long term, it has to manage multiple risks in the business, be it regulatory or compliances across key markets. That leads to, and possibly explains, the high costs so far. From procurement to storage to logistics, the firm needs fine tuned processes that pass muster with multiple regulators. As these costs go into maintenance mode, the firm will hope that rising affluence in its home market will allow it to improve margins.
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Captain Fresh appoints Mathew George as Group CFO
Entrackr
·
1y ago
Medial
Captain Fresh, a B2B fish and seafood supply chain company, has announced the appointment of Mathew George as its Group chief financial officer (CFO). Prior to this appointment, Mathew was the Group CFO at Medi Assist Health Care Services, where he led multiple successful M&As. He was also instrumental in managing the company’s recent IPO, which was oversubscribed 14.3 times. Before this, Mathew had held leadership roles in Jumbo Electronics, HCL Technologies, Cognizant Technologies Accenture, GE Capital, and Genpact. We look forward to leveraging Mathew’s leadership as we aspire to evolve into a publicly listed institution,” said Utham Gowda, founder and chief executive officer, Captain Fresh. Starting as a seafood supply chain player, the four-year-old company has raised over $160 million in a series of funding rounds. In February, Captain Fresh had raised $25 million in its extended Series C round. During the same month, it acquired CenSea Inc., a US-based frozen fish and seafood importer and distributor. Captain Fresh India’s gross revenue surged 3.7X year-on-year (YoY) to Rs 773 crore in FY23 from Rs 208 crore in FY22. The firm registered a 2.45X jump in its losses to Rs 252 crore in FY23. While the company is yet to file its audited financials for FY24, it expects to close F25 with revenues of over $650 million (more than Rs 5,000 crore).
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IPO-bound Captain Fresh to secure debt from Trifecta
Entrackr
·
3m ago
Medial
Captain Fresh is set to raise Rs 30 crore in debt funding from Trifecta Ventures ahead of its public listing. The company will issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for the aforementioned sum, according to its regulatory filings sourced from the Registrar of Companies (RoC). Captain Fresh operates a farm-to-retail platform for animal protein, primarily dealing in fish, seafood, and sheep. It sources directly from farmers and agents, catering to B2B, B2R, and B2B2C segments. This debt infusion comes on the heels of its Rs 250 crore (around $30 million) raise in an ongoing pre-IPO funding round. Financially, Captain Fresh reported a 71% jump in gross revenue (GMV) to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also narrowed its net loss by 22% to Rs 229 crore during the same period. Captain Fresh is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.
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Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round
Entrackr
·
6m ago
Medial
Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round Last month, the B2B startup secured Rs 100 crore (approximately $12 million) in funding from Motilal Oswal Wealth Limited. Entrackr exclusively reported the development. Captain Fresh, a seafood supply chain, has raised Rs 250 crore (approximately $30 million) in its ongoing pre-IPO funding round. Prosus Ventures, Accel, and Tiger Global led the round, while the family office of Sriharsha Majety, co-founder of Swiggy; Sid Khanna, chairman of India Equity Partners; Sunjay Kapur, chairman of Sona Comstar; Shivalik Prints, a textile and apparel manufacturer supplying global retailers; and multiple others participated. “We have transformed into a truly global business over the last 24 months, with more than 98% of our demand coming from outside India. The current funding enables us to exceed $1 billion in revenue in the next 12 months, which puts us among the top 25 seafood players in the world. We also have building blocks in place to expand margins, achieving 2X operating profits,” said Utham Gowda, founder & Group CEO of Captain Fresh. Gowda added that the fresh capital will strengthen the balance sheet and serve as a strong foundation for the company’s upcoming IPO. It is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million. Headquartered in Bengaluru, Captain Fresh operates globally with offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company sources multi-species seafood from the Pacific, Atlantic, and Indian Ocean regions while fulfilling the growing demand in high-capita markets like the US, Europe, and the UAE. According to TheKredible, Captain Fresh has raised a total funding of $176 million to date, and Gowda holds a 17.25% stake in it. Captain Fresh’s gross revenue (GMV) increased by 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The firm managed to reduce its net loss by 22% to Rs 229 crore in the last fiscal year. The company claims that it has been PAT profitable for the last two consecutive quarters and is on track to close FY25 with revenue of $550 million (Rs 4,620 crore).
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Exclusive: Tiger Global-backed Captain Fresh converts into public entity
Entrackr
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1m ago
Medial
B2B seafood marketplace Captain Fresh is gearing up for a listing on the Indian stock exchanges after transitioning into a public limited entity. The board of Captain Fresh has approved a resolution to change its status to a public company and rename it from "Infifresh Foods Private Limited" to "Infifresh Foods Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC). This development comes just a few months after the company appointed Durgesh Kumar Singh, Anil Berara, and Harita Gupta as independent directors, a separate filing shows. Captain Fresh is reportedly planning to raise $350–400 million at a valuation of over $1 billion through its initial public offering (IPO), comprising both a fresh issue of equity shares and an offer for sale (OFS). The company has also roped in Axis Capital and Bank of America (BofA) as its bankers. Founded in 2019 by Utham Gowda, Captain Fresh is a B2B seafood marketplace offering a farm-to-retail platform for animal protein, including fish, seafood, and sheep. The startup sources directly from agents and farmers, supplying across B2B, B2R, and B2B2C channels. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including its $30 million pre-IPO round raised in January this year from Prosus, Accel, Tiger Global, and others. Captain Fresh’s gross revenue (GMV) grew 71% to Rs 1,395 crore in FY24, up from Rs 817 crore in FY23. The company also trimmed its net loss by 22%, bringing it down to Rs 229 crore during the last fiscal.
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Exclusive: Captain Fresh lines up debt funding before public listing
Entrackr
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18d ago
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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IPO-bound Captain Fresh reports Rs 1,300 Cr GMV in FY24; losses up 4.4x
Entrackr
·
6m ago
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.
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Livspace posts Rs 1,148 Cr revenue in FY23
Entrackr
·
1y ago
Medial
KKR-backed home interior platform Livspace experienced impressive year-on-year growth of 85% during FY23. However, the company also incurred a loss of nearly Rs 621 crore (SGD 101.7 million) in the same period. Livspace's revenue from operations increased to Rs 1,148 crore (SGD 188.1 million) during FY23, primarily driven by product sales, which accounted for 50% of revenue. Despite the losses, the company's growth and efficient expense management indicate potential for future profitability.
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Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr
Entrackr
·
1y ago
Medial
Ferns N Petals, a gifting platform, experienced a growth plateau in FY23 with only a 4.8% increase in income and heavy losses of nearly Rs 110 crore. Their revenue from operations reached Rs 607 crore in FY23, primarily from selling cakes, flowers, and customized gifting solutions. The company also operates in the hospitality and wedding businesses. The cost of procurement of materials accounted for the largest expenditure, while advertising and marketing, legal professional, freight, and IT expenses pushed the total expenditure up by 25%. As a result, Ferns N Petals posted a loss of Rs 109 crore in FY23, compared to a profit of Rs 10 crore in FY22.
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OfBusiness revenue crosses Rs 15,000 Cr in FY23, profits surge 2.3X
Entrackr
·
1y ago
Medial
Industrial goods and services procurement platform OfBusiness experienced significant growth in the last fiscal year, with its gross merchandise value (GMV) more than doubling to Rs 15,342 crore in FY23 from Rs 7,140 crore in FY22. The company primarily operates in trading and manufacturing sectors, with trading contributing to 82% of its GMV. Overall expenditure also increased 2.14 times, reaching Rs 15,037 crore in FY23. Despite this, OfBusiness achieved a 2.3 times increase in profits to Rs 463 crore in FY23. The company has also introduced various tech offerings for SMEs and its lending arm, Oxyzo, reported a profit of Rs 197 crore in FY23.
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Snapdeal posts Rs 388 Cr revenue in FY23; losses cut 45%
Entrackr
·
1y ago
Medial
Gurugram-based e-commerce platform Snapdeal has reduced its losses by 45% in FY23, reporting losses of Rs 282 crore compared to Rs 510 crore in FY22. The company also achieved profitability in Q3 of FY24. Snapdeal managed to decrease its Adjusted EBITDA loss by 65.6% to Rs 144 crore in FY23. It attributed its improved performance to higher gross margins and increased efficiency in marketing spends through analytics. Snapdeal is focused on achieving break-even and expanding profitability.
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