A B2B seafood market, Captain Fresh has raised $ 40 million in Series B funding from Tiger Global and Prosus Ventures (formerly Naspers Ventures).
Existing investors such as Matrix Partners India, Accel India, Ankur Capital and Incubate Fund also participated in the round.
Founded in 2019 by Utham Gowda, Captain Fresh is a retail farm platform for seafood and freshwater fish. It sources fish / seafood directly from agents / farmers and sources through B2B, B2R and B2B2C channels, supplying fish at competitive prices compared to unorganized channels.
Captain Fresh claims to have a distribution network of 20 cities and over 2,000 retail outlets. Captain Fresh empowers small-scale fishermen and farmers with its platform that aggregates fragmented retail demand from across the country.
With this capital injection, the company plans to put in place more in-depth technological interventions and technological integrations on the supply and demand network, such as a real-time trading market, price normalization and quality using AI, as well as the application of robotic automation to move massive volumes with precision. Captain Fresh will also use the funds to expand its team and distribution network across geographies.
Utham Gowda, CEO and Founder of Captain Fresh, said: âFor centuries the fish and seafood industry has remained the same with very little innovation and we have a unique opportunity to revolutionize the industry using technology. We are delighted that investors like Tiger, Prosus Ventures, Accel and Matrix are believing in us, following the early backers Ankur Capital and Incubate Fund, which clearly reinforces our vision. We aggressively develop our aspirations in all dimensions – products, value chain presence and markets – to create an institution that could define our generation. “
Captain Fresh has seen 6-fold growth in the past 12 months and its reseller segment (B2B2C) has shown a 20-fold increase in just three months after launch, retailing around 1.2 million kg of fish. and seafood every month.
Ashutosh Sharma, Head of Investments, India, Prosus Ventures, said: âWe are delighted to partner with Captain Fresh in their goal of transforming a highly fragmented and inefficient industry. The team demonstrated impressive execution and a solid economy of unity. We are convinced of their ability to use technology to solve efficiency and scalability issues and at the same time have a very positive impact on a large number of fishermen in the country.