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Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round

EntrackrEntrackr · 5m ago
Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round
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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IPO-bound Captain Fresh to secure debt from Trifecta

EntrackrEntrackr · 2m ago
IPO-bound Captain Fresh to secure debt from Trifecta
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.

Exclusive: Tiger Global-backed Captain Fresh converts into public entity

EntrackrEntrackr · 9d ago
Exclusive: Tiger Global-backed Captain Fresh converts into public entity
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.

Captain Fresh raises $25 Mn in ongoing funding round

EntrackrEntrackr · 1y ago
Captain Fresh raises $25 Mn in ongoing funding round
Medial

Captain Fresh, a fish and seafood tech startup, has raised $25 million as part of a continuing larger funding round. The extension of the series C round is joined by Nekkanti seafoods group and British International Investment (BII), a UK-based development finance institution and impact investor, and a few family offices. Proceeds will be used to fuel its distribution presence in the US and Europe, and enhance multi-origin vertically integrated seafood platform, among others, the company said in a press release. With this, Captain Fresh has raised a total of $45 million across multiple tranches in its Series C extended round with $20 million raised in September last year. Strategic Business Innovators (SBI) and Evolvence fund led the first tranche with participation from Tiger Global, Prosus, Accel and Matrix Partners India. The firm also raised $13 million in January this year and will close the extended Series C at $48 million. As per startup data intelligence platform TheKredible, Captain Fresh was valued at around $480 million when it raised $13 million and is likely to close the ongoing round at $500 million. Five-year-old Captain Fresh’s product portfolio encompasses over 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in more than 30 countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid. The firm claims that it handles over 80,000 metric tonnes of seafood annually with India constituting 90% of this. Some percentage of demand also comes from Southeast Asia. Captain Fresh recently completed the acquisition of a 40-year-old, Paris-based, shrimp cooker and distributor, Senecrus, as part of its EU expansion strategy. As per TheKredible, Captain Fresh’s gross revenue surged nearly 4X to Rs 817 crore in the fiscal year ending March 2023 while its losses also shot up 2.6X to Rs 294 crore in the same period.

Captain Fresh posts Rs 773 Cr GMV and Rs 252 Cr loss in FY23

EntrackrEntrackr · 1y ago
Captain Fresh posts Rs 773 Cr GMV and Rs 252 Cr loss in FY23
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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