B2B marketplace Captain Fresh raises $3 million seed funding from Matrix Partners, Others

• The startup will utilize the funding for further expansion, building technology, deepening product sourcing, and improving distribution capabilities.
• Existing investors Ankur Capital and Incubation Fund also participated in the funding round.
• Previously, Captain Fresh had raised $2.3 million in seed funding.

Bengaluru-based Captain Fresh, the business-to-business (B2B) marketplace for seafood, has raised $3 million (about Rs 22 crore) in its second tranche of a seed funding round led by early-stage investment firm Matrix Partners India and existing investors Ankur Capital and Incubation Fund.

The round also saw the participation from Jitendra Gupta (Jupiter Money), Amrish Rau (Pine Labs), Asish Mohapatra (OfBusiness), Revant Bhate (Mosiac Wellness), and ADB Ventures (the early-stage venture arm of Asian Development Bank).

Captain Fresh will use the latest funding for further expansion, building technology, deepening product sourcing, and improving distribution capabilities. In August 2020, Captain Fresh had raised $2.3 million in seed funding from Incubation Fund and Ankur Capital. To date, It has raised $5.3 million in funding from investors.

Founded in 2019 by Utham Gowda (former Associate Vice President of o3 Capital), Infifresh Foods Pvt. Ltd., which owns and operates, Captain Fresh, a seafood-based B2B marketplace that leverages technology to deliver fresh fishes and seafood to retailers in the industry.

The startup said that it is currently supplying products to more than 550 retail businesses across general and modern trade, as well as to online meat and seafood retailers.

“We are digitally transforming the highly inefficient fresh fish and seafood supply chain in India by aggregating the fragmented retail demand across the country and linking them to the small fishermen and farmers throughout the Indian coast," said Utham Gowda in a press statement.

Captain Fresh claims that it has witnessed 10x growth in revenue in the last 18 months and aims to reach $1 million in revenue per month.

"We are particularly excited by our customers’ respect for us combined with the strong capital efficient and scalable business model we have been able to demonstrate in our early markets," he added.

Also Read: B2B Startup GlobalFair Raises Seed Funding To Expand Network Across India And Vietnam

Speaking on the investment, Tarun Davda, Managing Director, Matrix Partners India, said, “Captain Fresh is organizing the massive $30 billion-plus seafood supply chain in India with a simple promise — to provide better quality fish at more competitive prices compared to unorganized channels. As a result of their tech-driven approach and focus on reduction in wastage, they have seen rapid adoption across channels – from tech-first online brands to the more traditional general-trade retailers. We’re thrilled to be partnering with Utham and the team on this journey.”

It currently has its presence in Bengaluru, Mangalore, Hyderabad, Pune, and Vishakhapatnam. The Indian seafood market is expected to reach $60 billion by 2024, aiming to become a market leader in this growing market, the startup said.

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