Bengaluru-based B2B meat and seafood supplier Captain Fresh has secured ₹100 crore in funding from Motilal Oswal Wealth, gearing up for its anticipated public listing next year. According to regulatory filings accessed via Tofler, the company issued 1,002 Series C11 compulsorily convertible preference shares (CCPS) at ₹9,98,399 per share. The investment gives Motilal Oswal a 2.26% stake in the company, valuing it at ₹4,424.7 crore (around $526 million).
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The funding follows a $48 million round in February led by Japan’s SBI Investment and Evolvence Capital, which valued Captain Fresh at $500 million. Previous investors, including Tiger Global, Prosus, Accel, and Matrix Partners India, also participated in that round. The company is now finalizing its choice of bankers to oversee the IPO.
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Rapid Growth with Mounting Losses
Founded in 2019 by Utham Gowda, Captain Fresh operates in India and international markets such as the Middle East, Europe, and the US. The startup has seen remarkable growth, with FY23 revenue surging nearly fourfold to ₹801.3 crore from the previous year. However, its net loss widened significantly to ₹288.4 crore from ₹113.2 crore in FY22, according to Tracxn.
Despite financial challenges, Captain Fresh is positioning itself as a leader in the meat and seafood industry, leveraging its B2B model to supply products at scale. With the latest funding and an IPO on the horizon, the company aims to further solidify its market presence while addressing its profitability concerns.
