Captain Fresh, the B2B seafood products platform, secured Rs 110 crore (approximately $13.3 million) in a new funding round, according to regulatory filings. Nekkanti Sea Foods from Andhra Pradesh led the funding, with participation from other investors and traditional businesses.
The Bengaluru-based startup’s board approved a special resolution to issue 1,102 Series C6 Compulsory Convertible Preference Shares (CCPS) at a price of Rs 9,98,369 each, totalling Rs 110 crore ($13.3 million). Captain Fresh plans to utilize the funds for capital expenditure and business expansion, as per the regulatory filings.
Out of the 1,102 shares issued, Nekkanti Sea Foods acquired 501 Compulsory Convertible Preference Shares (CCPS) in Infifresh, the parent company of Captain Fresh. Shakti Finvest Pvt Ltd secured 301 CCPS, Ravi Shankar Pemmasani obtained 275 CCPS, and the remaining 25 shares went to Shibu Mathai in Captain Fresh.
Following a recent funding round where Captain Fresh secured $20 million from investors including Accel, Matrix Partners, and Prosus in September, the platform has now raised an additional Rs 110 crore. With a total funding amount exceeding $130 million, as reported by private markets data provider Tracxn, Captain Fresh plans to utilize these funds for its expansion into Africa, the Middle East, and other parts of Asia.
Additionally, the company has expressed intentions to launch its services in the US and European markets in the upcoming quarter and extend its presence in states such as Kerala, Tamil Nadu, and West Bengal.
The current funding round for Captain Fresh appears to be ongoing, and there is a possibility that the company may secure additional funds as part of this process.
The current funding round for Captain Fresh appears to be ongoing, and there is a possibility that the company may secure additional funds as part of this process. The initial report about the fundraise was covered by the news website Entrackr.
Captain Fresh faces competition in the meat delivery space, notably from FreshToHome, which is backed by Amazon and has raised approximately $290 million from various investors. Operating in the online meat delivery market can be challenging, as evidenced by Swiggy shutting down its meat marketplace. Larger companies also acquired smaller players like Tendercuts.
