The proceeds will be utilized to strengthen the company’s distribution presence in the United States and Europe, as well as to improve its multi-origin vertically integrated seafood platform, according to a news release.
Captain Fresh has raised a total of $45 million in numerous tranches in its Series C expanded round, including $20 million in September last year. Strategic Business Innovators (SBI) and Evolvence Fund led the first tranche, which included Tiger Global, Prosus, Accel, and Matrix Partners India. The firm also received $13 million in January of this year and plans to finish the expanded Series C at $48 million.
According to one startup data analytics platform, Captain Fresh was valued about $480 million when it received $13 million and is expected to conclude the current round at $500 million.
Captain Fresh, which is five years old, has a product portfolio that includes over 100 kinds of fish and seafood imported from more than a dozen places across the world and serves clients in more than 30 countries. Captain Fresh maintains offices in India, the United States, Dubai, Paris, Oslo, Amsterdam, and Madrid.
The company claims to handle over 80,000 metric tonnes of seafood each year, with India accounting for 90% of that total. Southeast Asia also accounts for some of the demand.
Captain Fresh has completed the acquisition of Senecrus, a 40-year-old shrimp cooker and distributor based in Paris, as part of its European expansion strategy.
Captain Fresh’s gross income increased over fourfold to Rs 817 crore in the fiscal year ended March 2023, but its losses increased by 2.6 times to Rs 294 crore.
