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How Chennai Based Freshma Is Disrupting India’s Seafood Market

Inc42 · 1y ago

How Chennai Based Freshma Is Disrupting India’s Seafood Market

Freshma, an omnichannel seafood brand based in Chennai, India, has successfully pivoted from a B2B model to a direct-to-consumer (D2C) approach. The brand, launched by Rajesh Kumar and his team, offers a wide range of seafood options via its website, app, and eight offline stores. By procuring hook-caught seafood directly from fishermen, Freshma aims to provide high-quality, chemical-free produce to customers at competitive prices. The company has grown its revenue 2X since going omnichannel in January 2023 and plans to expand its offline presence while converting offline consumers to online.

Related News

How FreshMa Brings Chemical-Free Fish And Seafood From Catch To Plate

Inc42 · 1y ago

How FreshMa Brings Chemical-Free Fish And Seafood From Catch To Plate

In 2022, FreshMa transitioned from an offline seafood outlet to a direct-to-consumer (D2C) brand due to the challenges faced in the unorganised seafood sector. The brand sells a wide variety of fresh and chemical-free seafood, offering convenience and quality to customers through its mobile app, website, and retail store. With over 52,000 consumers served and a net profit of INR 1.06 Cr in 2023, FreshMa plans to expand its market presence by launching 10 omnichannel retail stores in Tier I and II cities in Tamil Nadu. In 2025, it aims to establish stores in metros and Tier I cities across India.

How FreshMa Brings Chemical-Free Fish And Seafood From Catch To Plate

Inc42 · 2y ago

How FreshMa Brings Chemical-Free Fish And Seafood From Catch To Plate

FreshMa, a seafood brand founded by Rajesh Kumar R., initially operated as an offline outlet but later shifted to a direct-to-consumer (D2C) model in 2022. The brand offers a diverse range of seafood, including fish, lobsters, prawns, crabs, and more, with an emphasis on sourcing chemical-free products. FreshMa has sold to over 52,000 consumers and achieved a net profit of INR 1.06 crore in 2023. In 2024, the brand plans to open 10 omnichannel retail stores in Tamil Nadu, followed by expansion to other Indian cities in 2025, including Bengaluru, Hyderabad, and Gurugram.

Online seafood firm Captain Fresh acquires US-based distributor

Economic Times

Economic Times · 2y ago

Online seafood firm Captain Fresh acquires US-based distributor

Captain Fresh, an online seafood firm, has acquired CenSea Inc, a US-based frozen fish and seafood importer and distributor, in a cash-and-stock deal. The acquisition will strengthen Captain Fresh's presence in the US market and provide access to CenSea's extensive network and relationships with suppliers in India and Southeast Asia. This move is part of Captain Fresh's strategy to expand beyond exporting seafood and enter the distribution market in the US and Europe. The company recently raised $25 million in funding and is actively exploring more acquisition opportunities in Europe.

Tiger Global-backed Captain Fresh's FY24 topline doubles amid acquisition spree

VCCircle

VCCircle · 1y ago

Tiger Global-backed Captain Fresh's FY24 topline doubles amid acquisition spree

Tiger Global-backed seafood provider Captain Fresh has experienced significant growth in its revenue for the financial year ending March 2024, with its topline doubling. The Bengaluru-based startup has been actively acquiring companies to expand its presence internationally. Captain Fresh recently secured $25 million in funding and aims to strengthen its position in the seafood market.

Layoffs 2024: Samsung Electronics to trim 9-10% workforce in India, as consumer demand weakens, says report

Livemint

Livemint · 1y ago

Layoffs 2024: Samsung Electronics to trim 9-10% workforce in India, as consumer demand weakens, says report

Samsung Electronics is reportedly planning to lay off over 200 executives in its Indian operations due to slowing business growth and weakening consumer demand in the country. The impacted departments are expected to include mobile phones, consumer electronics, home appliances, and support functions. Samsung will offer the affected employees a severance package based on their employment contract. The news has caused concern in the industry, with some executives seeking job opportunities elsewhere. Additionally, Samsung's Chennai factory has experienced labour unrest, disrupting production. On the other hand, Apple is projected to create around 200,000 direct jobs in India, with a majority being women.

Captain Fresh acquires Poland-based salmon company Koral

Entrackr

Entrackr · 1y ago

Captain Fresh acquires Poland-based salmon company Koral

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 raises Rs 290 Cr from Blue Earth Capital

Entrackr

Entrackr · 11d ago

Captain Fresh raises Rs 290 Cr from Blue Earth Capital

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 Eyes Third Overseas Acquisition With Poland-Based F&B Manufacturing Firm Koral

Inc42 · 1y ago

Captain Fresh Eyes Third Overseas Acquisition With Poland-Based F&B Manufacturing Firm Koral

Bengaluru-based B2B seafood startup, Captain Fresh, is set to acquire Poland-based food and beverage manufacturing company, Koral. This will mark Captain Fresh's third overseas acquisition, following purchases in the US and France. The acquisition will enable Captain Fresh to expand its presence in Europe and enter the lucrative $33.5 billion salmon market. The financial terms of the deal have not been disclosed.

More than 20 firms banned from IIT placements after offer cancellations

Economic Times

Economic Times · 3m ago

More than 20 firms banned from IIT placements after offer cancellations

India’s top IITs have barred over 20 companies from placements due to previous last-minute job offer revocations, disrupting students' plans and affecting their mental well-being. Many banned firms operate in data analytics and software. Despite this, affected students are being supported, and some found better opportunities through alumni. IITs are also aiming for greater participation from start-ups, focusing on positive placement outcomes despite the slow job market.

Exclusive: Advent’s healthcare investment platform mulls betting on south Indian API maker

VCCircle

VCCircle · 1y ago

Exclusive: Advent’s healthcare investment platform mulls betting on south Indian API maker

Advent, a major global private equity firm, is considering investing in a Chennai-based API company through its pharma platform Cohance. This potential investment is currently being evaluated and could mark Advent's entry into the south Indian pharmaceutical market. Cohance, Advent's healthcare investment platform, focuses on API and CDMO investments. However, further details about the investment and the Chennai-based API maker are not available at this time.

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