By Abhay Ray 
Introduction
Captain Fresh, the tech-led seafood supply chain company, has successfully raised INR 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 round also saw participation from leading domestic family offices, including Swiggy cofounder Sriharsha Majety’s family office; Sid Khanna, chairman of India Equity Partners; Sona Comstar chairman Sunjay Kapur and apparel maker Shivalik Prints among others.
About Captain Fresh
Captain Fresh Online B2B marketplace platform offering seafood products. It supplies various fish and seafood products including shrimp, tuna, crab, lobster, salmon, cephalopods, squid, octopus, halibut, pollock, and more. It also enables traceability and sustainability solutions. We are committed to revolutionizing the way people access proteins. Our mission is to bridge the gap between seafood producers and consumers, ensuring that high-quality fish & seafood reaches your plate. We believe in fostering a healthier world with a reliable, transparent, and conscious supply chain.
Financial Performance and IPO Plans
Captain Fresh has been profitable for two consecutive quarters. In FY24, the company reported operating revenue of INR 1,395 crore, a 71% year-on-year increase from INR 817 crore in FY23. Net loss declined by 22% to INR 229 crore from INR 294 crore in the previous fiscal year.
With projections to close FY25 at USD 550 million (INR 4,620 crore) in revenue, Captain Fresh aims to double its operating profits. The company has appointed Axis Capital and BofA as lead bankers for its IPO, expected to be filed by late 2025. Given its financial growth and global reach, the IPO is likely to attract strong institutional interest.
Fundraising History
The current pre-IPO funding follows:
- December 2024 : Raised USD 100 million (~INR 870 crore) from existing and new investors.
- Early 2024 : Secured USD 48 million (~INR 416 crore) in a round led by Japan-based SBI Investment and Evolvence Capital.
- Last month : Raised INR 100 crore from Motilal Oswal Wealth, valuing the company at USD 526 million (INR 4,560 crore).
Captain Fresh has raised USD 490 million (~INR,250 crore) to date, reflecting strong investor confidence.
Captain Fresh’s Strategic Plans Following the Pre-IPO Round
Following the successful completion of its INR 250 crore pre-IPO funding round, Captain Fresh has outlined several strategic initiatives to enhance its operations and growth prospects. The company plans to leverage this capital to further optimize its supply chain, expand its geographic footprint, and strengthen its technology infrastructure. One of the key focus areas will be scaling its platform, which facilitates the direct connection between farmers and retailers, enabling a more efficient and transparent flow of fresh produce. Additionally, Captain Fresh aims to enhance its data analytics capabilities to better predict demand, streamline operations, and ensure timely deliveries. The company also plans to boost its market presence by expanding into new cities and exploring new product categories.
Scaling Global Operations
Founded in 2020 by Utham Gowda, Captain Fresh has become a dominant B2B seafood supplier with a significant international presence. Over 98% of its revenue comes from global markets, including the U.S., Europe, the Middle East, and China.
This capital infusion allows us to exceed USD 1 billion in revenue within a year, solidifying our position among top global seafood players,” said Utham Gowda, Founder & Group CEO. The company has expanded its supplier network, forging partnerships with fisheries worldwide to ensure a steady supply of premium seafood.
Captain Fresh Acquisitions
Captain Fresh isn’t sitting still. In 2024, it went on an acquisition spree to reinforce its global standing :
- Senecrus – A shrimp processor and distributor in Paris.
- CenSea – A seafood distributor based in the U.S.
- Koral – A Polish seafood company.
These acquisitions deepen the company’s sourcing and processing capabilities while expanding its product variety. With operations now covering multiple regions, Captain Fresh is building resilience into its supply chain and positioning itself as a vertically integrated giant.
Captain Fresh’s Global Reach
Headquartered in Bengaluru, Captain Fresh has established offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. It sources seafood from the Pacific, Atlantic, and Indian Oceans, catering to high-demand markets in the U.S., UAE, and Europe.
Despite declining domestic market contributions (INR 672.3 crore), international sales continue to grow. Captain Fresh is leveraging AI-driven logistics to streamline seafood distribution and reduce bottlenecks. The company prioritizes sustainable sourcing, aligning with global environmental standards. It is also exploring mergers and acquisitions to strengthen its European and North American presence. Talks are underway with leading seafood processors, and new premium product lines are in development.
Conclusion
The focus on marine products ensures that Captain Fresh, even as it waits for the Indian market to develop more deeply, will continue to seek sales outside India. In the long term, it has to manage multiple risks in the business, be it regulatory or compliances across key markets. That leads to, and possibly explains, the high costs so far. From procurement to storage to logistics, the firm needs fine tuned processes that pass muster with multiple regulators. As these costs go into maintenance mode, the firm will hope that rising affluence in its home market will allow it to improve margins.
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