The Bengaluru-based company’s board approved a special resolution to issue 1,002 Series C11 compulsorily convertible preference shares (CCPS) at a premium of Rs 9,98,399 each, raising approximately Rs 100 crore (around $12 million), according to its regulatory filings sourced from Tofler.
Following the investment, Motilal Oswal will hold a 2.26% stake in Captain Fresh, the filings showed.
The company is in discussions to finalise the appointment of bankers for its proposed initial public offering (IPO).
This funding comes after the company raised $48 million in February at a valuation of around $500 million. That round was led by Japan-based SBI Investment and Evolvence Capital, along with participation from British International Investment (BII) and existing investors such as Tiger Global, Prosus, Accel, and Matrix Partners India.
Founded in 2019 by Utham Gowda, Captain Fresh operates in a business-to-business (B2B) model, supplying meat and seafood to sellers across India and international markets, including the Middle East, Europe, and the US.
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In February, the company acquired CenSea Inc., a US-based frozen fish and seafood importer and distributor. Later in July, it announced plans to acquire Poland-based food and beverage manufacturing company Koral.The company has yet to file its financials for the fiscal year ended March 2024 (FY24). In FY23, Captain Fresh reported a nearly four-fold increase in revenue to Rs 801.3 crore compared to the previous year. However, its net loss widened to Rs 288.4 crore in FY23 from Rs 113.2 crore in FY22, according to Tracxn.
