Capital Fresh, a business-to-business (B2B) seafood marketplace, has raised $3 million in a seed funding round led by Ankur Capital and Matrix Partners India.
Other investors also included angel investors such as Amrish Rau (Pine Labs), Jitendra Gupta (Jupiter’s Money) and Incubate Fund, The Economic Times reported.
Capital Fresh said it will use the funds to “deepen its sourcing and distribution networks” and invest in people and technology.
Founder Utham Gowda told the paper: “We are digitally transforming the highly inefficient fresh fish and seafood supply chain in India by aggregating the fragmented retail demand across the country and linking them to small fishermen and farmers.”
Started in 2019, the firm provides fresh water fish and seafood to over 550 retailers in Bengaluru, Hyderabad, Mangaluru, Mumbai, Pune and Visakhapatnam. It has seen 10 times revenue growth over the past 18 months at over $1 million revenue per month, it added.
Tarun Davda, MD at Matrix Partners India said rapid adoption across channels is “a result of theit tech-driven approach and focus on reduction in wastage.”The company expects India’s seafood market to grow to $60 billion by 2024 and is “organising a $30 billion seafood supply chain in India by promising better quality fish at more competitive compared to unorganised channels.”