B2B seafood startup Captain Fresh has raised INR 110 Cr ($13.25 Mn) in a funding round led by Nekkanti Sea Foods, with participation from Shakti Finvest Pvt Ltd and others.
The company plans to deploy the proceeds for capital expenditure and business expansion.
The board at Captain Fresh has passed a special resolution to issue 1,102 Series C6 compulsory convertible preference shares each at a premium of INR 9,98,399, in exchange of INR 110 Cr ($13.25 Mn), as per regulatory filings.
Nekkanti Sea Foods led the funding round with an infusion of INR 50 Cr. Shakti Finvest Pvt Ltd invested INR 30 Cr, while Ravi Shankar Pemmasani and Shibu Mathai invested the remaining sum of INR 27.46 Cr and INR 2.50 Cr, respectively.
Out of the total 1,102 shares, Nekkanti Sea Foods acquired 501 CCPS in Infifresh, the parent company of Captain Fresh. Shakti Finvest Pvt Ltd received 301 CCPS, Ravi Shankar Pemmasani obtained 275 CCPS, and Shibu Mathai secured the remaining 25 shares in Captain Fresh.
Founded in 2019 by Utham Gowda, Captain Fresh is a farm-to-retail platform for animal protein – fish, seafood and sheep. It procures directly from agents and farmers and supplies across B2B, B2R and B2B2C channels.
This funding round comes four months after Captain Fresh raised $20 Mn in an extended Series C round led by Japan’s SBI Investments and Evolvence Capital, in September.
The round also saw participation from Captain Fresh’s existing investors – Tiger Global, Accel Partners, Matrix Partners India, and Prosus Ventures. The Bengaluru-based startup said it would use the fresh capital to expand its operations in the European and the US markets.
The startup indirectly competes against the likes of FreshtoHome, Licious, and Good To Go-acquired Tendercuts.
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