Seafood tech firm Captain Fresh raises Rs 250 cr in ongoing pre-IPO round

Prosus Ventures, Accel, and Tiger Global lead the round, backed by prominent domestic family offices

Captain Fresh, the tech-led seafood supply chain company, has successfully raised Rs 250 crore in its ongoing pre-IPO funding round. The round has seen participation from both existing and new investors, including prominent family offices.

 

The ongoing round is led by existing investors, including Prosus Ventures, Accel, and Tiger Global, along with fresh participation from leading domestic family offices. These include the family office of Sriharsha Majety, co-founder, Swiggy; Sid Khanna, chairman, India Equity Partners; Sunjay Kapur, chairman, Sona Comstar; Shivalik Prints, a textile and apparel manufacturer supplying global retailers; and multiple others.

 

"We have transformed into a truly global business over the last 24 months, with more than 98 per cent of our demand coming from outside India. 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," said Utham Gowda, founder and group CEO, Captain Fresh.

 

"We also have the building blocks in place to expand margins, achieving 2X operating profits. The fresh capital will strengthen the balance sheet and serve as a strong foundation for our upcoming IPO," Gowda added.

 

In a recent interview with Business Standard, Gowda said that following a strong financial performance, Captain Fresh is now gearing up for its IPO by the end of this year.

 

Founded in 2020 by Utham Gowda, Captain Fresh has quickly evolved into a dominant global player in the seafood industry, leveraging technology to streamline and enhance supply chain efficiencies. The company’s revenue has grown fivefold over the past two years, positioning it as the largest cross-border B2B marketplace from India.

 

The firm has been PAT profitable for the last two consecutive quarters and is on track to close FY25 with revenue of $550 million.

 

Headquartered in Bengaluru, the company operates globally with offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. A tech-led, vertically integrated player, Captain Fresh sources multi-species seafood from the Pacific, Atlantic, and Indian Ocean regions, fulfilling the growing demand in high-income markets such as the US, Europe, and UAE.

 

It has raised a total of $177 million in funding from investors, including Accel, Prosus, Z47 (Matrix Partners), and Tiger Global Management, according to data platform Tracxn. Captain Fresh’s current valuation is approximately $490 million.