Bengaluru-based seafood supply chain startup Captain Fresh has secured $30 million in pre-IPO funding to reinforce its financial foundation, drive global expansion, and prepare for its upcoming initial public offering (IPO).

The round saw participation from existing investors, including Prosus Ventures, Accel, and Tiger Global, alongside new backers such as the family office of Swiggy co-founder Sriharsha Majety, India Equity Partners Chairman Sid Khanna, Sona Comstar Chairman Sunjay Kapur, and global retailer supplier Shivalik Prints. The infusion of capital follows a $12 million investment from Motilal Oswal Wealth Limited last month.

The fresh capital will strengthen the company’s balance sheet and serve as a strong foundation for our upcoming IPO,” said Utham Gowda, Founder & Group CEO, Captain Fresh.

Captain Fresh Strategic Growth and IPO

Captain Fresh is gearing up to file for IPO by the end of 2025. The company has enlisted Axis Capital and BofA as lead bankers for a proposed $350-400 million public offering. This fresh funding will strengthen its balance sheet and fuel its global expansion.

Founded in 2020 by Gowda, Captain Fresh has built a robust international presence with offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. It sources diverse seafood from the Pacific, Atlantic, and Indian Ocean regions, meeting the increasing demand in markets such as the US, Europe, and the UAE.

“We have transformed into a truly global business over the last 24 months, with more than 98 percent of our demand coming from outside India. The current funding enables us to exceed $1 billion in revenue in the next 12 months, putting us among the world’s top 25 seafood players. We also have building blocks to expand margins, achieving 2X operating profits,” said Utham Gowda.

Strong Financial Performance and Market Expansion

The startup’s revenue has grown fivefold in the past two years. Captain Fresh reported a 71 percent rise in gross revenue (GMV), reaching $167 million in FY24 from $98 million in FY23. Additionally, it successfully reduced its net loss by 22 percent to $27 million in the last fiscal year. The company has been PAT profitable for the past two consecutive quarters. It is on track to close FY25 with a projected revenue of $550 million.

Captain Fresh has raised $176 million in funding to date, with Gowda retaining a 17.25 percent stake in the company. With continued investor confidence and a clear path to profitability, the company is poised for significant market expansion and industry leadership.

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