- ByStartupStory | December 27, 2024
Bengaluru-based B2B seafood startup, Captain Fresh, is raising ₹100 crore (approximately $12 million) in a funding round led by Motilal Oswal Wealth Limited. According to regulatory filings, the board of Captain Fresh approved the issuance of 1,002 preference shares at an issue price of ₹9,98,399 each. Following this investment, Motilal Oswal Wealth Limited will hold a 2.26% stake in the startup.
The regulatory filing stated, “…issue and offer up to… 1,002 (one thousand and two) Series C11 cumulative, compulsorily, mandatorily, and fully convertible preference shares on a preferential basis by way of private placement for cash consideration.”
Restructuring and Global Expansion
In addition to the fundraising, Captain Fresh has undertaken a significant restructuring exercise. As part of this, the startup issued preference shares in its Indian arm to shareholders of its Norway-based entity. It allocated 2,355 preference shares worth ₹235 crore ($28 million) to investors such as GRWC Holdings, Futura Simul Fundacja, Nathon G Torch, and Jeffery Stern.
This restructuring signals Captain Fresh’s growing international footprint and aligns with its strategic plans for global expansion.
IPO Plans on the Horizon
Two months ago, reports surfaced about Captain Fresh’s plans to launch an Initial Public Offering (IPO) at a valuation of $1.3 billion to $1.5 billion. The startup has reportedly engaged Axis Capital and Bank of America as its bankers for the planned public issue next year.
Recent Investments and Leadership Appointments
Earlier this year, Captain Fresh raised nearly ₹58 crore ($7 million) from British International Investment (BII), resulting in the UK financial body acquiring a 1.45% stake in the company.
Additionally, Captain Fresh has bolstered its leadership team with the appointment of Mathew George as Group Chief Financial Officer (CFO).
About Captain Fresh
Founded in 2019 by Utham Gowda, Captain Fresh is a farm-to-retail platform specialising in seafood. The startup sources fresh produce directly from farmers and agents to cater to a diverse clientele.
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