Captain Fresh Raises Rs 250 Cr Pre-IPO Funding
By Rediff Money Desk, Mumbai Jan 31, 2025 16:43
Captain Fresh, a B2B seafood startup, secures Rs 250 crore in pre-IPO funding, led by existing investors and prominent family offices. The funding will bolster its balance sheet and pave the way for an IPO by year-end.
Mumbai, Jan 31 (PTI) Business-to-business seafood startup Captain Fresh on Friday said it has raised Rs 250 crore in its ongoing pre-IPO funding round with participation from both existing and new investors, including prominent family offices.
The fresh capital will strengthen the company's balance sheet and serve as a strong foundation for its upcoming IPO, Captain Fresh said in a statement.
The ongoing round is being led by existing investors, along with fresh participation from leading domestic family offices. This includes the family office of Swiggy's co-founder Sriharsha Majety, Chairman of India Equity Partners Sid Khanna; Sunjay Kapur, Chairman of Sona Comstar; Shivalik Prints, a textile and apparel manufacturer supplying global retailers, and multiple others, it said.
The Bangalore-headquartered player, which has the backing of marquee names such as Accel, Tiger Global Management, Prosus Ventures, Z47 (formerly Matrix Partners India), and British International Investment, among others, sources multi-species of seafood from the Pacific, Atlantic, and Indian Ocean regions while fulfilling the growing demand in markets like the US, Europe, and the UAE.
As it scales operations and strengthens its market position, Captain Fresh is actively preparing to file for its initial public offering (IPO) by the end of this year, the company said.
"Current funding enables us to exceed USD 1 billion revenue in the next 12 months, which puts us amongst 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, Captain Fresh.
The fresh capital will strengthen the company's balance sheet and serve as a strong foundation for our upcoming IPO," he added.
Founded in 2020 by Gowda, Captain Fresh has offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai.
The company said its revenue has grown by five-fold in the past two years, and has also been PAT profitable for the last two consecutive quarters and is on track to close FY25 with revenue of USD 550 million.
The fresh capital will strengthen the company's balance sheet and serve as a strong foundation for its upcoming IPO, Captain Fresh said in a statement.
The ongoing round is being led by existing investors, along with fresh participation from leading domestic family offices. This includes the family office of Swiggy's co-founder Sriharsha Majety, Chairman of India Equity Partners Sid Khanna; Sunjay Kapur, Chairman of Sona Comstar; Shivalik Prints, a textile and apparel manufacturer supplying global retailers, and multiple others, it said.
The Bangalore-headquartered player, which has the backing of marquee names such as Accel, Tiger Global Management, Prosus Ventures, Z47 (formerly Matrix Partners India), and British International Investment, among others, sources multi-species of seafood from the Pacific, Atlantic, and Indian Ocean regions while fulfilling the growing demand in markets like the US, Europe, and the UAE.
As it scales operations and strengthens its market position, Captain Fresh is actively preparing to file for its initial public offering (IPO) by the end of this year, the company said.
"Current funding enables us to exceed USD 1 billion revenue in the next 12 months, which puts us amongst 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, Captain Fresh.
The fresh capital will strengthen the company's balance sheet and serve as a strong foundation for our upcoming IPO," he added.
Founded in 2020 by Gowda, Captain Fresh has offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai.
The company said its revenue has grown by five-fold in the past two years, and has also been PAT profitable for the last two consecutive quarters and is on track to close FY25 with revenue of USD 550 million.
Source: PTI
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