Bengaluru-based B2B seafood startup Captain Fresh has raised ₹100 crore (approximately $12 million) in a funding round led by Motilal Oswal Wealth Limited, marking its second major funding event this year, as exclusively reported by Entrackr.
The startup plans to issue 1,002 preference shares at an issue price of ₹9,98,399 each, giving Motilal Oswal Wealth a 2.26% stake in the company.
Sources reveal that the round will feature both primary and secondary components, with participation expected from existing investors such as Accel and Prosus, alongside new investors.
This funding is part of the company’s pre-IPO plans, with Axis Capital and Bank of America (BofA) appointed as advisors for an upcoming IPO expected to raise $350–400 million.
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Captain Fresh is targeting an IPO valuation of $1.3 billion to $1.5 billion. Earlier this year, it raised ₹58 crore (nearly $7 million) from British International Investment and $13 million from Nekkanti Sea Foods and other investors.
About Captain Fresh
Founded in 2019 by Utham Gowda, Captain Fresh operates a farm-to-retail platform for fish, seafood, and sheep, sourcing directly from farmers and distributing through B2B and B2B2C channels.
The company has streamlined its operations, reducing its B2B presence and focusing its B2B2C activities in select locations in India.
The startup offers over 100 species of fish and seafood from more than 12 countries, serving clients in 30+ global markets.
With offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid, the startup has aggressively expanded, acquiring three companies in 2024, including Paris-based shrimp distributor Senecrus and Poland-based Koral.
As part of a recent restructuring, the startup has allocated ₹235 crore ($28 million) worth of preference shares to shareholders of its Norway-based entity, signaling its international growth ambitions.
The latest funding round underscores Captain Fresh’s efforts to strengthen its operations and market position as it moves closer to its IPO, aiming to become a leader in the seafood supply chain industry.
