Captain Fresh To Raise INR 100 Cr From Motilal Oswal Wealth

Bengaluru-based B2B seafood startup Captain Fresh is raising INR 100 Cr (about $12 Mn) in a funding round led by Motilal Oswal Wealth Limited.

According to the startup’s regulatory filings, its board passed a resolution approving the issuance of 1,002 preference shares at an issue price of INR 9,98,399 each. Post this funding, Motilal Oswal Wealth will hold a 2.26% stake in the startup. 

“…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,” the filing said. 

The development was first reported by Entrackr.

As per the filing, Captain Fresh has also undertaken a restructuring exercise, under which it issued preference shares in its Indian arm to shareholders of its Norway-based entity. 

The startup allocated 2,355 preference shares worth INR 235 Cr ($28 Mn) to investors, including GRWC Holdings, Futura Simul Fundacja, Nathon G Torch, and Jeffery Stern, signalling its growing international footprint.

This comes two months after it was reported that Captain Fresh was eyeing an IPO at a valuation of $1.3 Bn to $1.5 Bn. It was also said to have picked Axis Capital and Bank of America as the bankers for its public issue next year. 

At the start of this year, Inc42 exclusively reported that Captain Fresh raised nearly $7 Mn (INR 58 Cr) from British International Investment (BII), resulting in around 1.45% stake for the UK financial body.

Earlier this year, Captain Fresh appointed Mathew George as its group CFO.

Founded in 2019 by Utham Gowda, Captain Fresh is a farm-to-retail platform specialising in seafood. The startup sources produce from farmers and agents.