Mumbai-based organised seafood distribution and retailing company Ace Seafood Bazaar, also known by its brand "Pescafresh", is planning to invest Rs 25-30 crore in the next three years to consolidate operations.
The company, which distributes fresh fish to households in four major metros, is also planning to enter Pune this fiscal.
Sangram Sawant, founder and CEO said that the company will start a e-commerce platform and a mobile application soon. It had built its brand using e-commerce platform LocalBanya and hyper-local mobile app Grofers.
The company is also in discussions with major retail brands to move into other major centers, he said. Pescafresh has five distribution centers in Mumbai and one each in Bangalore, Hyderabad and Delhi.
Sawant said that almost 100% of fish distribution channels in India are part of the unorganised sector, which neglect hygiene. With growing awareness about this among consumers, especially in the Metros, organised sector can take off.
He said fish trade is a Rs 85,000 crore annual business and the average per capita consumption is 9.5 Kgs.
"If 2-5% of this is shifted to organised channels there is immense scope for us. So we plan to tap the potential in a planned manner," Sawant told Business Standard.
He added that the company is targetting a turnover of Rs 35 crore, with a CAGR of 75-80% in 2015-16.
The company collects roughly 40 varieties of fish from 50 fish landing centers across the country and processes them at various centers.
Apart from own outlets, the company works extensively with organised retailers such as Godrej Natures Basket, Future Group Retail - Food Hall, Aditya Birla Group - More Hypermarkets, TESCO Star Bazaar, Tata Trent Gourmet West and Le Marche Gourmet chain from Delhi.
Sawant also clarified that the company has no immediate plans to enter the ready to cook and ready to eat vertical.