Bengaluru-based online meat and seafood startup Captain Fresh has secured ₹100 crore from Motilal Oswal Wealth. The fresh funding is to strengthen its financial position and also believed to set the stage for its much-anticipated public listing in 2025.
The investment was made through allotment of 1,002 Series C11 compulsorily convertible preference shares at ₹9,98,399 each and this values the company at around ₹4,424.7 crore ($526 million). Motilal Oswal currently holds a 2.26% stake in Captain Fresh and it is a gesture of confidence in the potential of Captain Fresh.
Captain Fresh has been hitting the headlines in the business-to-business (B2B) segment with supplies of meat and seafood across India as well as to some international markets like the Middle East, Europe and the US. The company was founded by Utham Gowda in 2019 and since then its growth journey has been impressive as well as supported by earlier funding rounds including a $48 million raise in February.
The revenue of Captain Fresh soared to ₹801.3 crore in FY23 and it was nearly a four-fold increase, but so did its losses that widened to ₹288.4 crore. It means intense pressure faced to scale while managing profitability.
The company has also been aggressively pursuing acquisitions such as the US-based CenSea Inc. and Poland’s Koral. The moves signal its ambition to transform from a regional player to a global leader.
The company is currently marching towards an IPO and it is yet to understand whether it can balance growth with profitability or will the market reward its aggressive expansion strategy despite its rising losses.
The ₹100 crore from Motilal Oswal is a vote of confidence, but it is also a reminder that investors expect results.
Captain Fresh is at an crucial moment equipped with strong investor backing and a bold vision.
