In a significant development for India’s food-tech sector, Captain Fresh, the tech-enabled seafood and animal protein supply chain platform, has successfully raised ₹250 crore from its existing investors as part of its pre-IPO funding round. This latest investment marks a crucial step in the company’s journey toward its anticipated initial public offering (IPO) and reinforces its position as a leading global player in the seafood industry.
The funding round saw participation from the company’s existing marquee investors, including Accel, Tiger Global Management, Prosus Ventures, and Z47 (formerly Matrix Partners India). Notable additions to the investor roster include family offices of prominent business leaders such as Sriharsha Majety (Swiggy Co-founder), Sid Khanna (India Equity Partners Chairman), and Sunjay Kapur (Sona Comstar Chairman).
This latest funding is part of a larger $100 million pre-IPO round that Captain Fresh is pursuing, with the company having already secured $25 million in an extended Series C round earlier in 2024. The total investment in the company has now reached an impressive $490 million, according to Tracxn data.
Utham Gowda, Founder and Group CEO of Captain Fresh, emphasized the strategic importance of this funding round, stating, “We have transformed into a truly global business over the last 24 months, with more than 98% 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 amongst the top 25 seafood players in the world. We also have building blocks in place to expand margins, achieving 2X operating profits.”
The company’s financial performance reflects its robust growth trajectory. According to RoC filings, Captain Fresh posted an operating revenue of ₹1,394.8 crore in FY24, marking a significant increase from ₹817.1 crore in FY23. Notably, the company has also made progress in reducing its losses, which narrowed by 22% to ₹229 crore from ₹293 crore in the previous fiscal year.
A particularly striking aspect of Captain Fresh’s evolution has been its successful pivot toward international markets. While its revenue contribution from Indian operations decreased to ₹672.3 crore from ₹723.4 crore in FY23, the company has seen multifold growth in markets such as the United States, UAE, and China. This global expansion strategy has positioned Captain Fresh uniquely in the Indian startup ecosystem, as it operates without direct domestic peers due to its export-focused model.
The implications of Captain Fresh’s success extend beyond the company itself. For Tamil Nadu’s startup ecosystem, this development signals the growing potential for tech-enabled solutions in traditional sectors like seafood supply chain management. The company’s achievement in attracting global investors and its successful international expansion provides a blueprint for other regional startups looking to scale globally.
For the broader Indian startup ecosystem, Captain Fresh’s journey represents a compelling case study in how traditional industries can be transformed through technology and innovative business models. The company’s ability to reduce losses while maintaining strong growth demonstrates a path to sustainable scaling that many startups aspire to achieve.
