Captain Fresh, a Bengaluru-based B2B marketplace for seafood, has secured $13.25 million in an extended Series C funding round. This additional funding comes after a four-month gap for the company.
As per regulatory filings from the Registrar of Companies, the board of Captain Fresh has approved a special resolution to issue 1,102 Series C6 compulsory convertible preference shares at an issue price of INR 9,98,399 each, amounting to a total of INR 110 crore ($13.25 million).
Captain Fresh’s Key Investors:
The funding round was spearheaded by Nekkanti Sea Foods, a seafood exporter based in Andhra Pradesh, contributing INR 50 crore or $6 million. Following closely, Shakti Finvest Pvt Ltd invested INR 30 crore in the same tranche.
The remaining amount of INR 27.46 crore and INR 2.50 crore was invested by Ravi Shankar Pemmasani and Shibu Mathai, respectively. This suggests an ongoing funding round, and the company might secure additional funds in the process.
Significantly, the company has raised the fresh capital at the same premium, and its current valuation stands close to INR 3,970 crore. To date, the company has raised around $150 million, including a $20 million funding as a part of its Series C round in September 2023.
Read Other Articles: B2B seafood startup Captain Fresh raises $20 Million in Series C funding for European and US expansion
Captain Fresh operates as a farm-to-retail platform specializing in animal protein, including fish, seafood, and sheep. The company directly sources its products from agents or farmers and distributes them through B2B, B2R, and B2B2C channels. In addition to its presence in India, Captain Fresh has established operations in the US, Dubai, and Madrid.
After the allotment process, Utham Gowda, the CEO and founder of Captain Fresh reduced his ownership stake to 19.20%. Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and Ravi Shankar Pemmasani acquired stakes of 1.26%, 0.76%, and 0.69%, respectively. Matrix Partners holds the largest external stake in the company, with a 13.44% ownership.
According to TheKredible, Captain Fresh experienced a nearly fourfold increase in gross revenue, reaching INR 817 crore for the fiscal year ending March 2023. However, its losses also rose by 2.6 times, amounting to INR 294 crore during the same period.
