Captain Fresh, the B2B platform for seafood products, has raised Rs 110 crore (around $13.3 million) in a fresh round of funding, regulatory filings showed. The round was led by Andhra Pradesh’s Nekkanti Sea Foods, with participation from other investors and traditional businesses.
The Bengaluru-based startup’s board passed a special resolution to issue 1,102 Series C6 compulsory convertible preference shares (CCPS) at a price of Rs 9,98,369 each, in exchange for Rs 110 crore ($13.3 million). The company will use the funds for capital expenditure and expansion of the business, per the filings.
Of the 1,102 shares, Nekkanti Sea Foods got 501 CCPS in Infifresh (Captain Fresh’s parent company) while Shakti Finvest Pvt Ltd received 301 CCPS. Ravi Shankar Pemmasani got 275 CCPS while Shibu Mathai picked up the remaining 25 shares in Captain Fresh.
The fresh fund infusion comes shortly after Captain Fresh raised $20 million from Accel, Matrix Partners, Prosus and other existing and new investors in September. In all, Captain Fresh has raised over $130 million, as per Tracxn, a private markets data provider.
The money was being used to foray into Africa, Middle East and other parts of Asia. It had earlier said that it will also be looking to launch in the US and Europe markets by the next quarter and expand in states including Kerala, Tamil Nadu and West Bengal, Moneycontrol had reported.
The round looks like an ongoing one and it is possible that Captain Fresh raises more money as part of this. News website Entrackr was first to report about the fundraise.
Captain Fresh competes with Amazon-backed FreshToHome and others in the meat delivery space. FTH has raised around $290 million from a clutch of investors. The online meat delivery market is a tough one to operate in. While Swiggy shut its meat marketplace, smaller players like Tendercuts were sold to larger companies.
Moneycontrol reported on how Temasek-backed Licious had seen growth stagnate while its cash burn remained uniform.Apart from each other, the new-age companies also compete with local butchers.
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