IPO-bound Captain Fresh secures Rs 288 crore debt from Blue Earth Capital

Captain Fresh secures Rs 288 crore debt from Blue Earth Capital

Seafood supply chain startup Captain Fresh has secured about Rs 288 crore (€27 million) in debt financing from Switzerland-based investor Blue Earth Capital, according to people familiar with the development.

The financing has been extended to Infifresh Foods Pvt Ltd, the parent entity of Captain Fresh, and will be used to strengthen the company’s distribution network across global markets, the people cited above said.

Founded in 2020 by Utham Gowda, Captain Fresh operates a technology-enabled platform that connects seafood suppliers, processors and distributors across multiple markets. The company sells seafood products across the United States, Europe, the UAE and India, largely catering to distributors, food service providers and retailers.

The startup currently serves around 1,300 customers across more than 30 countries, with its sourcing network spanning over 650 suppliers across 35 countries and covering more than 90 seafood species, including shrimp, salmon, tuna and lobster, people aware of the company’s operations said.

Captain Fresh uses a proprietary software platform to manage sourcing, processing and logistics across seafood supply chains, which are often fragmented and dominated by small suppliers.

Captain Fresh and Blue Earth Capital did not immediately respond to queries sent by Moneycontrol.

The funding comes as the company prepares for a public listing. Captain Fresh has confidentially filed draft IPO papers with the Securities and Exchange Board of India (Sebi) and is looking to raise around Rs 1,700 crore through a fresh issue of shares, according to earlier reports.

Moneycontrol had earlier reported that the company had appointed Axis Capital and Bank of America as bankers for the proposed public offering, which could value the firm at $1.3 billion to $1.5 billion.

Captain Fresh has been expanding its global footprint through acquisitions and brand-building in recent years as it seeks to build a vertically integrated seafood platform spanning sourcing, processing and distribution.