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Captain Fresh raises Rs 290 Cr from Blue Earth Capital

EntrackrEntrackr · 21h 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.

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

EntrackrEntrackr · 21h 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.

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

EntrackrEntrackr · 1y 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).

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

EntrackrEntrackr · 6m 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.

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.

Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B

EntrackrEntrackr · 6m ago
Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B
Medial

Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B NBFC startups GrowXCD Finance is set to kick off Series B round with Rs 200 crore ($22.7 million) led by Swiss-based Blue Earth Capital with participation from Prosus and existing investors including Lok Capital and UC Impower. Earlier this year, GrowXCD raised Rs 50 crore in its pre-Series B round from Lok Capital and UC Impower. The board at GrowXCD passed a resolution to approve the issue of 1,56,92,344 Series B CCCPS at an issue price of Rs 127.61 each to raise Rs 200.25 crore, according to its regulatory filing accessed from Registrar of Companies (RoC). Blue Earth Capital will lead the round with Rs 105 crore ($12 million), followed by Prosus with Rs 69.4 crore ($7.9 million). Existing investor Lok Capital will invest Rs 21.3 crore ($2.4 million), while UC Impower will join with Rs 4.26 crore and Anshul Agarwal with Rs 25 lakh. A separate filing showed an addition of 10,00,000 options worth Rs 12.76 crore to the ESOP pool, taking its total size to about Rs 43 crore. According to Entrackr’s estimates, the NBFC’s valuation has nearly tripled to around Rs 630 crore ($71.5 million), compared to Rs 215 crore in the previous round. Founded in 2022 by Arjun Muralidharan and Sathish Kumar Vijayan, GrowXCD extends credit to two key segments: micro, small and medium enterprises (MSMEs) and low-income households. Its offerings include small property-backed mortgage loans and short-term unsecured business loans. According to startup data intelligence platform TheKredible, the Chennai-based firm had raised around $12 million prior to this round. Following the latest allotment, Blue Earth Capital will hold 16.7% stake, Prosus 11.04%, while existing investor Lok Capital remains the largest shareholder with 30.84%. For the fiscal year ended March 2025, GrowXCD’s revenue jumped over 7X to Rs 27 crore from Rs 3.73 crore in FY24. During the same period, its losses also widened to Rs 8.17 crore.

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