Captain Fresh Raises $13.25M in Extended Series C Round Led by Nekkanti Sea Foods

Bengaluru-based B2B animal protein marketplace Captain Fresh has secured $13.25 million in an extended series C funding round. The company’s board passed a special resolution to issue 1,102 Series C6 compulsory convertible preference shares at an issue price of Rs 9,98,399 each in exchange for Rs 110 crore ($13.25 million), according to regulatory filings sourced from the Registrar of Companies.
Andhra Pradesh-based seafood exporter Nekkanti Sea Foods led the funding round with an infusion of Rs 50 crore ($6 million), followed by Shakti Finvest Pvt Ltd, which invested Rs 30 crore. Ravi Shankar Pemmasani and Shibu Mathai contributed the remaining amounts of Rs 27.46 crore and Rs 2.50 crore, respectively. This funding is part of an ongoing round, indicating the possibility of further capital infusion.

The company’s current valuation stands close to Rs 3,970 crore, with the fresh capital raised at the same premium. Captain Fresh has raised a total of approximately $150 million to date, including a $20 million funding round as part of its Series C in September 2023.

Captain Fresh operates as a farm-to-retail platform for animal protein, including fish, seafood, and sheep. It sources directly from agents or farmers and supplies across B2B, B2R, and B2B2C channels. In addition to India, the company has a presence in the US, Dubai, and Madrid.

Following the allotment, the CEO and founder of Captain Fresh has diluted his stakes to 19.20%, while Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and Ravi Shankar Pemmasani have acquired stakes of 1.26%, 0.76%, and 0.69%, respectively. Matrix Partners is the largest external shareholder in the company, holding 13.44%.
According to TheKredible, Captain Fresh’s gross revenue surged nearly fourfold to Rs 817 crore in the fiscal year ending March 2023, while its losses also increased 2.6 times to Rs 294 crore during the same period.