Exclusive: Captain Fresh raises over $13 Mn in fresh tranche

B2B animal protein marketplace Captain Fresh has raised $13.25 million in an extended series C round. The new tranche has come for the Bengaluru-based company after a gap of four months.

The board at Captain Fresh has passed a special resolution to issue 1,102 Series C6 compulsory convertible preference shares at an issue price of Rs 9,98,399 each in exchange of Rs 110 crore ($13.25 million), its regulatory filings sourced from the Registrar of Companies show.

Andhra Pradesh-based seafood exporter Nekkanti Sea Foods led the funding tranche with an infusion of Rs 50 crore or $6 million followed by Shakti Finvest Pvt Ltd which invested Rs 30 crore.

Ravi Shankar Pemmasani and Shibu Mathai invested the remaining sum of Rs 27.46 crore and Rs 2.50 crore, respectively. This seems to be an ongoing round and the company may end up raising more money.

Significantly, the company has raised the fresh capital at the same premium and its current valuation stands close to Rs 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.

Captain Fresh is a farm-to-retail platform for animal protein–fish, seafood and sheep. It procures directly from the agents or farmers, and supplies across B2B, B2R and B2B2C channels. Apart from India, the firm has presence in the US, Dubai, and Madrid. 

Post-allotment, CEO and founder of Captain Fresh has diluted his stakes to 19.20% while Nekkanti Sea Foods, Shakti Finvest Pvt Ltd and Ravi Shankar Pemmasani acquired 1.26%, 0.76% and 0.69% stakes, respectively. Matrix Partners is the largest external shareholder in the company with 13.44% holding. Visit here for complete details.

As per TheKredible, Captain Fresh’s gross revenue surged nearly four fold to Rs 817 crore in the fiscal year ending March 2023 while its losses also shot up 2.6X to Rs 294 crore in the same period.