Captain Fresh is a Bengaluru-based startup founded in April 2019 by an ex-investment banker, Utham Gowda. Later in August 2019, it raised $2.3 Mn in its Pre-Series A Funding. Ankur Capital led the funding round that saw participation from Incubate Fund India and some investors from Silicon Valley.
In its latest funding round, Captain Fresh bagged seed funding worth $3 million. This round was led by Matrix Partners India and Ankur Capital. The current funding round saw participation from angel investors like Amrish Rau of Pine Labs and Jitendra Gupta of Jupiter Money. Incubate Fund also participated, showing interest in this B2B seafood supply chain.
Captain Fresh supplies freshwater fish and other seafood to over 550 retailers catering to outlets, online sellers, and seafood retailers. The company has a presence in Bengaluru, Hyderabad, Pune, Mumbai, Mangaluru, and Vishakhapatnam.
Gowda mentions, “We are digitally transforming the highly inefficient fresh fish and seafood supply chain in India by aggregating the fragmented retail demand across the country and linking them to the small fishermen and farmers throughout the Indian coast.”
Captain Fresh is continuously inching towards a million dollars in monthly revenue, witnessing around ten times growth in the past 18 months.
The company will be investing the funds in acquiring fresh talent and building a strong technological base. The company is also looking to provide depth to its sourcing capabilities and distribution network.
According to Captain Fresh, the Indian seafood market will witness large growth taking its value to $60 billion by 2024, and the company wants to emerge as the top player in the market.
Captain Fresh’s agenda is to offer quality fish at better and more competitive prices than what is being offered through organized channels.
Tarun Davda, managing director at Matrix Partners India, mentions, “As a result of their tech-driven approach and focus on reduction in wastage, they have seen rapid adoption across channels.”