" "

Bengaluru-based Captain Fresh raises Rs 250 crore in a pre-IPO funding round

author-image
Sumit Vishwakarma
New Update
Captain Fresh

Utham Gowda, founder and group CEO, Captain Fresh

Captain Fresh, an online meat and seafood supplier based in Bengaluru, has raised Rs 250 crore in a pre-initial public offering (IPO) funding round led by existing investors Prosus Ventures, Accel and Tiger Global Management. 

Several domestic family offices also participated, including those of Swiggy co-founder Sriharsha Majety, India Equity Partners chairman Sid Khanna, Sona Comstar chairman Sunjay Kapur and Shivalik Prints. The company plans to go public in the next financial year.

Captain Fresh's market presence

Founded in 2020 by Utham Gowda, Captain Fresh has evolved into a business-to-business platform supplying seafood and other animal protein to markets in India and around the world. Over 98% of its demand now comes from regions such as the Middle East, Europe and the United States.

Advertisment

According to Gowda, this latest funding will help Captain Fresh surpass $1 billion in revenue within the next 12 months, placing it among the world’s top 25 seafood players.

Improving financial performance

Captain Fresh, which has posted profits for two consecutive quarters, reported an operating revenue of Rs 1,395 crore in fiscal year 2023-24, up from Rs 817 crore the year before. Its net loss narrowed to Rs 229 crore from Rs 294 crore the previous year, despite investing heavily in acquisitions and mergers. 

The startup also plans to close FY25 with $550 million in revenue and is expanding its profit margins. Gowda said the fresh infusion of capital will strengthen the balance sheet and lay a solid foundation for the upcoming public listing.

Recent funding milestones

This new round comes on the heels of Captain Fresh securing Rs 100 crore from Motilal Oswal Wealth in the past month, at a valuation of about $526 million.

Earlier this year, it also raised $48 million in a round led by Japan-based SBI Investment and Evolvence Capital. According to data from startup tracker Tracxn, Captain Fresh has accumulated roughly $490 million in total funding, reflecting steady investor interest.

Focus on exports and future plans

With its export-focused business model, Captain Fresh has seen revenue from the Indian market decline to Rs 672.3 crore, while contributions from the U.S., UAE and China have grown rapidly.

Gowda said the company now aims to double its operating profits, driven by cost management and strategic market expansions. Captain Fresh joins a list of Indian startups, including Lenskart, Zetwerk, PhysicsWallah, Infra.Market, Boat, Bluestone and Ather Energy, that are working toward IPOs.

Subscribe