Seafood Startup Captain Fresh Plans To Secure INR 100 Cr From Motilal Oswal Wealth

Captain Fresh, a Bengaluru-based B2B seafood firm, is raising INR 100 crore (about $12 million) in an investment round led by Motilal Oswal Wealth Ltd.

Captain Fresh, founded in 2019 by Utham Gowda, is a farm-to-retail company that specialises in seafood. The firm gets its goods from farmers and agents.

According to the startup’s regulatory filings, the board approved the offering of 1,002 preference shares at INR 9,98,399 each. Motilal Oswal Wealth will own 2.26% of the startup following this round of funding.

“…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,” according to the application.

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According to the filing, Captain Fresh has also undergone a reorganization exercise, in which it distributed preferred shares in its Indian branch to shareholders of its Norway-based entity.

The business issued 2,355 preference shares worth INR 235 crore ($28 million) to investors such as GRWC Holdings, Futura Simul Fundacja, Nathon G Torch, and Jeffery Stern, indicating its expanding worldwide presence.

This comes two months after it was claimed that Captain Fresh was planning an IPO with a valuation of $1.3 billion to $1.5 billion. It was also believed to have selected Axis Capital and Bank of America as bankers for its public offering next year.

At the beginning of the year, Inc42 exclusively disclosed that Captain Fresh raised over $7 million (INR 58 crore) from British International Investment (BII), resulting in a 1.45% share for the UK financial organization.

Captain Fresh appointed Mathew George as group CFO earlier this year.