Private Equity

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B2B animal protein marketplace Captain Fresh raises $13-M led by Nekkanti Sea Foods

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Bengaluru-based B2B animal protein marketplace Captain Fresh has raised USD 13.25 million in an extended Series C round. Andhra Pradesh-based seafood exporter Nekkanti Sea Foods led the funding tranche with an infusion of INR 50 crore (USD 6 million). Shakti Finvest Pvt Ltd invested INR 30 crore. Ravi Shankar Pemmasani and Shibu Mathai invested INR 27.46 crore and INR 2.50 crore, respectively. Captain Fresh will issue 1,102 Series C6 compulsory convertible preference shares at INR 9,98,399 each to raise INR 110 crore (USD 13.25 million). To date, the company has raised around USD 150 million including USD 20 million as a part of its Series C round in September 2023. The company has raised the fresh capital at the same premium and its current valuation stands close to INR 3,970 crore. Post-allotment, CEO of Captain Fresh Utham Gowda has diluted his stake to 19.20% while Nekkanti Sea Foods, Shakti Finvest Pvt Ltd and Ravi Shankar Pemmasani acquired 1.26%, 0.76% and 0.69% stakes, respectively. Matrix Partners lndia is the largest external shareholder in the company with 13.44% holding. Captain Fresh's gross revenue surged nearly four fold to INR 817 crore in FY 2023 while its losses also shot up 2.6X to INR 294 crore in the same period.