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Bengaluru-Based Seafood Startup Captain Fresh Secures INR 20 Cr in Debt Funding

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Captain Fresh, a tech-driven seafood startup based in Bengaluru, has successfully raised INR 20 Cr (approximately $2.3 Mn) in debt funding from VentureSoul Partners. This marks the third investment from VentureSoul’s maiden debt fund, emphasizing their continued confidence in the startup’s growth and potential.

This debt funding is part of a broader financial strategy, incorporating a mix of equity and debt investments to fuel the company’s ambitious plans. Despite inquiries from Inc42, Captain Fresh has declined to provide further comments on this development.

Confidence in Captain Fresh’s Growth Trajectory

According to Kunal Wadhwa, cofounder and managing partner at VentureSoul Partners, Captain Fresh has showcased exceptional capabilities in managing large-scale acquisitions and diversifying its product portfolio. “With access to multiple products and operations in various geographies, Captain Fresh is well-positioned to achieve significant growth in both revenue and profitability,” Wadhwa remarked. He also highlighted the standout leadership and management team as pivotal factors in VentureSoul’s decision-making process for extending credit support.

A Glance at Captain Fresh’s Operations and Vision

Founded in 2019 by Utham Gowda, Captain Fresh operates as a vertically integrated seafood company, leveraging technology to streamline its farm-to-retail platform for fish, shrimp, and seafood. The startup’s operations are aimed at bridging the gap between seafood producers and retailers, ensuring quality and efficiency across its supply chain.

The company boasts a diverse brand portfolio, including:

  • CenSea in the United States
  • Koral in Europe
  • Senecrus in France

Captain Fresh has also made significant strides in expanding its global footprint, with offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid. These international ventures underline its ambition to become a leading player in the global seafood industry.

Recent Fundraising Milestones

Captain Fresh has been actively raising capital to support its expansion and innovation efforts. In December 2024, the company secured $12 Mn from Motilal Oswal Alternates, following a $32 Mn funding round in February, led by British International Investment (BII) and Nekkanti Seafoods Group. These fundraising activities have positioned the startup for accelerated growth and have strengthened its financial base.

Strategic Shift in Business Model

While the company initially targeted both B2B and B2B2C channels in India, it has undergone a strategic pivot. Captain Fresh has reportedly scaled back its B2B operations in most Indian cities and is now focusing its B2B2C operations in select locations. This strategic move aligns with its goal of optimizing resources and driving profitability, as the company shifts its primary focus toward international markets.

Future Plans and Expansion Goals

The latest infusion of funds will be directed toward broadening the company’s business reach and implementing growth-oriented initiatives. Captain Fresh aims to strengthen its market position by expanding its operations across multiple regions and launching new products to cater to evolving consumer demands.

Backed by Marquee Investors

Over the years, Captain Fresh has garnered support from a stellar lineup of investors, including:

  • Accel
  • Prosus
  • Matrix Partners
  • Tiger Global
  • SBI Japan
  • Ankur Capital
  • British International Investment (BII)
  • Nekkanti Group

These partnerships have not only provided the company with significant financial backing but also validated its vision to revolutionize the seafood supply chain.

A Promising Future for Captain Fresh

With its robust funding, innovative technology, and a growing presence in global markets, Captain Fresh is well-poised to redefine the seafood industry. The company’s commitment to integrating technology with traditional seafood operations, coupled with its strategic focus on high-potential markets, positions it as a formidable player in the global seafood supply chain.

The future looks bright for Captain Fresh as it continues to innovate, expand, and carve a niche in the competitive seafood industry.

Source: inc42

Ellva Arden
Ellva Arden
Ellva is a dedicated high school teacher and passionate writer who inspires students, crafts engaging stories, and fosters a love for learning.

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