Captain Fresh Valuation, Funding & Investors

Captain Fresh is valued at $521M as of December 2024.

Last Captain Fresh valuation

$521M

Series C · Dec 2024

Last Captain Fresh funding round

$29M

Undisclosed stage · Jan 2025

Cumulative funding Captain Fresh raised

$212M

across 10 funding rounds

Key investors in Captain Fresh

  • Accel
  • Ankur Capital
  • Z47
  • Incubate Fund India
  • Tiger Global
  • Prosus Ventures

Captain Fresh Overview

About Captain Fresh

Captain Fresh is a Bengaluru-headquartered B2B platform for seafood and fresh fish supply chains. Founded in 2019, the company uses cold-chain logistics and mobile apps to connect coastal fishermen in India with retailers, achieving harvest-to-market times under 24 hours. It processes species like prawns, pomfret, and tilapia through centralized facilities in Kochi and Visakhapatnam.


Founded

2019

HQ

IndiaBangalore

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Valuation

$521M (Dec 2024)

Captain Fresh Valuation

Captain Fresh is currently valued at $521M, based on its Series C in December 2024.

The $12M round was led by Motilal Oswal Wealth.

Captain Fresh's valuation has grown 2.6x from $200M at its Series B in December 2021 to $521M in December 2024, across 3 priced rounds.

Captain Fresh valuation by funding round

Captain Fresh valuation by funding round
DateStageValuation
Dec 2024Series C$521M
Mar 2022Series C$500M
Dec 2021Series B$200M

Captain Fresh Funding History

Captain Fresh has raised a total of $212M across 10 funding rounds.

Captain Fresh's first fundraising round was a $12M Series A in July 2020. The most recent completed round was a $29M undisclosed-stage round in January 2025.

Captain Fresh funding rounds

Captain Fresh funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2025Undisclosed stageAccel (lead); Prosus Ventures (lead); Tiger Global (lead)$29M-Captain Fresh is a Bengaluru-based B2B seafood and animal protein supply chain platform founded in 2019-2020 by Utham Gowda, sourcing multi-species seafood from Pacific, Atlantic, and Indian Ocean regions to supply markets in the US, Europe, UAE, Middle East, and China, with over 98% of demand now from international markets following acquisitions like Poland's Koral, France's Senecrus, and US-based CenSea in 2024. The company raised Rs 250 crore ($28.7 million) in a pre-IPO equity round on January 31, 2025, from existing investors Accel, Prosus Ventures, and Tiger Global, plus family offices including Swiggy cofounder Sriharsha Majety's, to strengthen its balance sheet ahead of an IPO in the next financial year. Captain Fresh reported FY24 operating revenue of Rs 1,394.8-1,395 crore (~$200 million, up 71% from Rs 817 crore in FY23), with Q3 FY25 (Oct-Dec 2024) gross revenue matching full FY24 and projecting $550 million for FY25 ending March 2025, aiming for $1 billion in FY26 to rank among the top 10 global seafood companies by FY27. The company achieved profitability in the last two quarters (likely Q3-Q4 FY25), expects PAT profitability in FY25, and narrowed FY24 net loss to Rs 229 crore from Rs 293-294 crore in FY23, driven by international growth and cross-selling post-acquisitions. Investors include Accel, Prosus Ventures, Tiger Global, Z47 (Matrix Partners), Evolvence, and British International Investment. Captain Fresh lacks direct Indian peers due to its export focus, with Indian revenue dropping to Rs 672 crore in FY24 while US, UAE, and China contributions grew significantly.
Dec 2024Series CMotilal Oswal Wealth (lead)$12M$521M-
Jan 2024Series CNekkanti Sea Foods (lead); Atha Group; Devi Seafoods; SBI Investment; British International Investment; Shakti Finvest; Sandhya Aqua; Shibu Mathai; Ravi Shankar Pemmasani$25M-Captain Fresh is a Bengaluru-based B2B seafood tech platform founded in 2019 by Utham Gowda, sourcing over 100 species of fish and seafood from more than a dozen countries and supplying to customers in over 30 countries, including India, the Middle East, Europe, and the US. It operates a vertically integrated model with offices in India, US, Dubai, Paris, Oslo, Amsterdam, and Madrid, focusing on aggregation, processing, and distribution. International markets account for over 70% of its business with higher EBITDA margins of 15-20% compared to 3% in India. In early 2024, Captain Fresh raised Rs. 110 crores (approximately USD 13 million) or USD 25 million in an extended Series C round led by Nekkanti Sea Foods (Rs. 50 crores or part of the USD 25M), with participation from Shakti Finvest (Rs. 30 crores), Ravi Shankar Pemmasani (Rs. 27 crores), Shibu Mathai (Rs. 2 crores), British International Investment, and family offices matching the query investors. The funds, raised via 1,102 convertible preference shares priced over Rs. 9 lakhs each, aim to expand distribution in the US and Europe, forward-integrate the value chain, and replicate aggregation in the Indian Ocean region. This follows a September 2023 round of $20M and the initial 2022 Series C of $50M at $500M valuation led by Prosus and Tiger Global. The company has pursued aggressive global expansion through acquisitions, including Paris-based shrimp cooker Senecrus, US shrimp importer CenSea ($300M turnover), and Polish salmon producer Koral. It was reportedly in talks for additional $50M funding linked to the CenSea deal, with prior total funding over $100M-$166M across nine rounds from investors like Accel, Matrix Partners India, SBI Investment, and Evolvence Capital. Captain Fresh reported turning profitable in FY25 (likely April 2024-March 2025) with GMV jumping 2.5x, though GMV is not revenue. In April 2024, CEO Gowda projected a top line valuation of $650M-$700M for year-end. By mid-2024, it was preparing a $350M-$400M IPO at $1.3B-$1.5B valuation, later withdrawn, with Axis Capital and Bank of America as organizers.
Sep 2023Series CEvolvence India Fund (lead); SBI Investment (lead); Tiger Global; Z47; Prosus Ventures; Accel$20M-Captain Fresh is a tech-enabled B2B seafood and animal protein supply-chain platform founded in 2020, sourcing multi-species seafood globally and delivering to retailers, distributors, and international markets with AI-driven demand-supply matching, traceability, and an asset-light model to reduce waste and fragmentation. The company pivoted from domestic to export-focused operations via acquisitions in the US and Europe, achieving high revenue per employee of roughly $2 million with 340-350 staff. Backed by investors including Tiger Global, Accel, Prosus (Naspers), and Matrix Partners, it has raised around $90M total funding historically. Financial traction improved markedly post-2023: FY24 revenue reached Rs 1,395 crore (some sources cite Rs 360 crore, conflicting), with Rs 229 crore loss; FY25 surged 145-151% to Rs 3,421-3,500 crore, yielding Rs 125 crore EBITDA, Rs 42 crore PAT, and 8-9% ROCE. Projections include Rs 5,000-5,500 crore for FY26 (EBITDA Rs 300-350 crore) and Rs 10,000 crore (~$1.2B) for FY27 (EBITDA Rs 700-750 crore), driven by US (Rs 2,416 crore), India (Rs 340 crore), and Poland markets. IPO-bound as Infifresh Foods Ltd, Captain Fresh filed confidentially for a Rs 1,700 crore (~$200M+) offering with fresh issue and OFS for debt repayment, reclassifying as public. Competitors faced challenges like fraud or shutdowns, positioning Captain Fresh strongly in the global seafood supply chain.
Mar 2022Series CEvolvence India Fund (lead); Prosus Ventures (lead); Tiger Global (lead); Ankur Capital; Incubate Fund India; Z47; Accel$57M$500MCaptain Fresh is a farm-to-retail platform for animal protein, focusing on a business-to-business marketplace for seafood that connects farmers and fishermen to buyers. In its Series C funding round on June 3, 2022, the company raised $50 million co-led by existing investors Prosus Ventures and Tiger Global, with participation from Accel and others including Ankur Capital, Incubate Fund India, and Z47, achieving a post-money valuation of $500 million, more than double its previous $200 million Series B valuation from December 2021. At the time, Captain Fresh operated over 50 collection centers across coastal states in India, facilitating daily sales of nearly 100 tons of fresh fish and over three dozen seafood species to more than 2,500 businesses. The round brought total funding raised to over $100 million, with potential for an additional $10 million top-up. Funds were earmarked for geographic expansion into Southeast Asia and Africa, inorganic growth through acquisitions, and enhancements like social commerce features on its app for real-time inventory sales and fulfillment. The platform leverages technology for supply chain efficiency, offering advisories and content to farmers while expanding export markets. This rapid execution supported deepened local market penetration and international growth. Later developments include multiple acquisitions between 2023-2025, such as CenSea, Koral, Senecrus, Ocean Garden, FishLog, Sekkingstad, and Frime, contributing to financial turnaround with FY25 revenue of ₹3,500 crore, ₹125 crore EBITDA, and profitability.
Dec 2021Series BProsus Ventures (lead); Tiger Global (lead); Ankur Capital; Matrix Partners; Prosus; Incubate Fund India; Naspers; Z47; Accel$40M$200M-
Jul 2021Series AAccel (lead); Ramakant Sharma; Rajesh Yabaji; Asish Mohapatra; Ankur Capital; Incubate Fund India; Jitendra Gupta; Amrish Rau; Ruchi Kalra; Souvik Sengupta; Revant Bhate; Z47$12M-Captain Fresh is a B2B tech marketplace and supply chain platform for seafood and freshwater fish, connecting farmers and fishermen to retail businesses across India. Founded in 2019 by Utham Gowda, it leverages procurement technology and supply chain capabilities to deliver over 20,000 kgs of fresh supplies across 50+ species from more than 30 coasts daily. The platform aims to reduce wastage, optimize value for supply communities, and disrupt the $400 billion global fresh fish and seafood market. On July 18-20, 2021, Captain Fresh raised $12 million in a Series A funding round led by Accel Partners, with participation from Matrix Partners India, Ankur Capital, and Incubate Fund. This marked the company's third funding in eight months, following prior rounds including a $2.3M Series A in August 2020 and a $3M Seed in March 2021. The capital was allocated to enhance supply-side technology, expand global distribution, and grow the team, with recent hires including Abhishek Sudhakar from Myntra and Venugopal Annamaneni from Livspace. At the time, Captain Fresh operated across multiple cities, sourcing from coastal regions to serve retailers. Subsequent rounds included a $40M Series B in early 2022 at ~$200M valuation and a Series C in March 2022 reaching $500M valuation, reflecting rapid scaling with over 100 tons of fish and seafood sold daily to 2,500+ businesses.
Mar 2021SeedAnkur Capital (lead); Z47 (lead); ADB Ventures; Asish Mohapatra; Incubate Fund India; Jitendra Gupta; Amrish Rau; Revant Bhate$3M-Captain Fresh is a tech-enabled B2B marketplace revolutionizing the seafood supply chain in India by aggregating fragmented retail demand and linking it to small fishermen and farmers along the coast. It serves over 550 retail businesses across formats like general trade, modern trade, and online meat/seafood platforms in cities including Bengaluru, Hyderabad, Pune, Mumbai, Mangalore, and Visakhapatnam. The Indian seafood market is projected to reach $60B by 2024, driven by rising consumption of high-quality protein. On March 10, 2021, Captain Fresh raised $3M in seed funding co-led by Matrix Partners India and Ankur Capital, with participation from Incubate Fund and others including Z47. The capital supports expansion of operations, sourcing and distribution capabilities, team building, and technology investments. At the time, the company reported 10x revenue growth over the prior 18 months, approaching a $1M per month milestone, highlighting a capital-efficient and scalable model validated in early markets.
Aug 2020SeedAnkur Capital (lead); Incubate Fund India$2M--
Jul 2020Series ARamakant Sharma; Rajesh Yabaji; Asish Mohapatra; Ankur Capital; Matrix Partners; Jitendra Gupta; Amrish Rau; Ruchi Kalra; Souvik Sengupta; Revant Bhate; Accel$12M--

Who has invested in Captain Fresh?

29 investors have backed Captain Fresh across its funding rounds, including Accel, Ankur Capital, Z47, Incubate Fund India, Tiger Global and Prosus Ventures.

Lead investors include Accel, Prosus Ventures, Tiger Global, Motilal Oswal Wealth, Nekkanti Sea Foods and 4 other investors.


Captain Fresh Investors

Investors in Captain Fresh by funding rounds participated
InvestorHQRoundsRoleFirst check
Ankur CapitalIndiaMumbai6LeadJul 2020
AccelUnited StatesPalo Alto, CA6LeadJul 2020
Incubate Fund IndiaIndiaBangalore5ParticipantAug 2020
Z47IndiaMumbai5LeadMar 2021
Tiger GlobalUnited StatesNew York City, NY4LeadDec 2021
Prosus VenturesNetherlandsAmsterdam4LeadDec 2021
Asish MohapatraIndiaGurgaon3ParticipantJul 2020
Jitendra GuptaIndiaMumbai3ParticipantJul 2020
Amrish RauSingaporeSingapore3ParticipantJul 2020
Revant BhateIndiaMumbai3ParticipantJul 2020
Evolvence India FundIndiaMumbai2LeadMar 2022
Ramakant SharmaIndiaBangalore2ParticipantJul 2020
Rajesh YabajiIndiaBangalore2ParticipantJul 2020

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Acquisitions by Captain Fresh

Captain Fresh has acquired 3 companies to date.

Last acquisition by Captain Fresh was on December 16th 2025. Captain Fresh acquired Frime for undisclosed valuation.


Latest Acquisitions by Captain Fresh

Frime
Koral
CenSea
Description
Frime processes and markets fresh and frozen seafood products, supplying fish and shellfish to retailers and wholesalers from its Galician base in Spain.
Koral is a Poland-based seafood processor specializing in hot-smoked, cold-smoked, and marinated salmon alongside halibut, tuna, trout, and mackerel products. Facilities in Nowy Sącz produce over 10,000 tons annually, exporting to EU countries, US, and Asia. Certifications include IFS, BRC, and ASC for sustainable sourcing from Norwegian and Scottish farms. Founded in 1993, Koral supplies retailers like Tesco and Carrefour.
-
HQ CountrySpainPolandUnited States
HQ City
-
Gdynia
-
Deal Date16 Dec 202524 Jul 202428 Feb 2024
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Captain Fresh

Captain Fresh has invested in 1 company to date.

Latest investment by Captain Fresh was on March 22nd 2022. Captain Fresh invested in FishLog in their $1M Seed round.


Latest Investments by Captain Fresh

FishLog
Description
FishLog is a Jakarta-based digital marketplace linking Indonesian fisheries stakeholders with cold chain infrastructure. It connects fishermen, processors, and warehouses via an app for storage bookings and logistics matching. The platform optimizes seafood transport from ports like Tanjung Priok to buyers in Java and Sumatra. FishLog integrates IoT sensors for temperature monitoring during transit.
HQ CountryIndonesia
HQ City
Jakarta
Deal Date22 Mar 2022
RoundSeed
Raised$1M
InvestorsEdward Tirtanata; MDI Ventures; ARISE; Windy Natriavi; KK Fund; Ango Ventures; Jessica Hendrawidjaja; Insignia Ventures Partners
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Captain Fresh Competitors

Captain Fresh competitors include listed companies like Oatly and Kofola, and private ones like Medikabazaar, Goldbelly, Reibus and Funding Societies.

Public and private companies comparable to Captain Fresh
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MedikabazaarIndiaMumbaiPrivate$166M$3M$700M4.2x
GoldbellyUnited StatesNew York City, NYPrivate$205M-$720M3.5x
ReibusUnited StatesAtlanta, GAPrivate--$750M-
Funding SocietiesSingaporeSingaporePrivate--$500M-
OatlySwedenSwedenPublicly listed$862M($39M)$395M1.0x
KofolaCzech RepublicCzech RepublicPublicly listed$509M$92M$521M1.6x

Captain Fresh Public Comps

Captain Fresh is still privately-owned, but its public comps include Kofola, Sligro Food Group, eDreams ODIGEO, Inghams Group, Zinzino Holding, Vital Farms, Atria, Arabian Mills, Fonterra Shareholders' Fund and Wisynco Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kofola$509M$92M1.7x1.6x9.1x9.8x
Sligro Food Group$3.1B$177M0.4x0.4x6.4x7.0x
eDreams ODIGEO$770M$161M1.1x1.1x5.4x5.3x
Inghams Group$2.2B$279M0.6x0.6x5.1x6.4x
Zinzino Holding$324M$46M1.4x1.2x10.0x7.8x
Vital Farms$759M$102M0.8x0.8x5.8x18.0x
Atria$2.1B$146M0.4x0.4x6.1x5.6x
Arabian Mills$266M$101M2.7x2.6x7.2x6.9x

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Common questions about Captain Fresh

When was Captain Fresh founded?Captain Fresh was founded in 2019.
Where is Captain Fresh headquartered?Captain Fresh is headquartered in Bangalore, India.
Is Captain Fresh publicly listed?No, Captain Fresh is a private, VC-backed company.
What is Captain Fresh's valuation?Captain Fresh was last valued at $521M in its Series C in December 2024.
How much funding has Captain Fresh raised?Captain Fresh has raised $212M across 10 funding rounds.
What was Captain Fresh's last funding round?Captain Fresh's last funding round was a $29M undisclosed-stage round in January 2025, led by Accel, Prosus Ventures and Tiger Global.
Who are Captain Fresh's investors?Captain Fresh's investors include Ankur Capital, Accel, Incubate Fund India, Z47, Tiger Global, Prosus Ventures, Asish Mohapatra, Jitendra Gupta, Amrish Rau, Revant Bhate and 19 others.
Which companies are comparable to Captain Fresh?Companies comparable to Captain Fresh include Medikabazaar, Goldbelly, Reibus, Funding Societies, Oatly and Kofola.
How many companies has Captain Fresh acquired?Captain Fresh has acquired 3 companies, including Frime, Koral and CenSea.
How many companies has Captain Fresh invested in?Captain Fresh has invested in 1 company, including FishLog.
What was Captain Fresh's last investment?In March 2022, Captain Fresh invested in FishLog's $1M seed round alongside Edward Tirtanata, MDI Ventures, ARISE and 5 other investors.

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