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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).

Rapido raises Rs 250 Cr from Prosus as part of Series E round

EntrackrEntrackr · 5m ago
Rapido raises Rs 250 Cr from Prosus as part of Series E round
Medial

Rapido raises Rs 250 Cr from Prosus as part of Series E round Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge. The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company's regulatory filing accessed from the Registrar of Companies shows. Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by Entrackr in October 2024. The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranches—$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackr’s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion). Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period. In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.

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