B2B Seafood Startup Captain Fresh Names Mathew George as Group CFO

Captain Fresh CFO Mathew George

Three points you will get to know in this article:

  • Captain Fresh named Mathew George as new Group CFO, with 30 years of finance experience.
  • Captain Fresh saw 3.7x revenue growth to ₹773 crore in FY23, but losses rose 2.45x to ₹252 crore.
  • Captain Fresh aims for ₹5,000+ crore revenue by FY25, backed by new CFO and investors.

Introduction Captain Fresh

Captain Fresh is a tech-enabled B2B seafood marketplace founded by Utham Gowda, a former engineer and MBA graduate with a background in consulting and investment banking. Driven by his research identifying seafood as a top-performing sector, Gowda established Captain Fresh to revolutionize the seafood supply chain and ensure high-quality, fresh fish and seafood reaches consumers through a reliable, transparent, and conscious process. The company is led by a seasoned team of executives with diverse experience in e-commerce, technology, and the seafood industry, all committed to disrupting the status quo and providing innovative solutions that foster a healthier, more sustainable seafood ecosystem.

Appointment of Mathew George as Group CFO

Captain Fresh, a B2B startup specializing in the fish and seafood supply chain, has named Mathew George as its Group Chief Financial Officer (CFO) starting on May 17, 2024. Bringing almost 30 years of expertise in corporate finance, Mathew George has a rich background working in various international markets such as the US, Europe, India, Dubai, and Nigeria.

Mathew George, before joining Captain Fresh, served as the Group CFO at Medi Assist Health Care Services. During his time there, he spearheaded several successful mergers and acquisitions (M&As) that played a key role in solidifying the company’s position as a market leader.

He played a key role in overseeing the company’s recent oversubscribed initial public offering (IPO) and has held leadership positions in well-known companies such as Jumbo Electronics, HCL Technologies, Cognizant Technologies, Accenture, GE Capital, and Genpact.

Mathew George's Role and Expectations at Captain Fresh

Mathew George is anticipated to drive financial excellence at Captain Fresh as the company expands its global operations. Renowned for his skill in collaborating with promoters and private equity investors, he excels at building robust corporate frameworks that ensure compliance, tax efficiency, profitability, and growth.

“I am delighted to join this vibrant team, especially at such a critical juncture in the company’s evolution. With a clear vision, proven success in execution, and the backing of distinguished investors, I am confident we are poised for significant growth. I look forward to utilizing my financial expertise to work alongside the team, creating value for our shareholders and employees,” expressed Mathew George.

Captain Fresh's Recent Funding and Acquisitions

Captain Fresh has secured over $160 million through multiple funding rounds and has recently acquired CenSea Inc., a US-based importer and distributor of frozen fish and seafood.

Captain Fresh's Financial Performance

The startup’s gross revenue saw a 3.7-fold increase year-on-year (YoY), reaching Rs 773 crore in FY23, up from Rs 208 crore in FY22.

Despite this growth, Captain Fresh experienced a 2.45-fold rise in losses, totaling Rs 252 crore in FY23. Although the company has not yet filed its audited financials for FY24, it anticipates revenues exceeding $650 million (over Rs 5,000 crore) by the end of FY25.

Captain Fresh, a B2B startup in the fish and seafood supply chain, has appointed Mathew George as its new Group Chief Financial Officer (CFO) effective May 17, 2024. Mathew brings nearly 30 years of corporate finance expertise, having held leadership roles at various multinational companies. His appointment is expected to drive financial excellence and support the company’s global expansion plans. Captain Fresh has seen impressive revenue growth, reaching Rs 773 crore in FY23, but also experienced a significant rise in losses. The company aims to exceed $650 million (over Rs 5,000 crore) in revenues by the end of FY25.

Manvendra Hada

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