IPO-bound Captain Fresh sees 70% growth in topline as losses narrow in FY24
Captain Fresh, a B2B seafood startup, reduced its losses by 22% as synergies from its global acquisitions bolster plans for a public debut.
Seafood supplier firm Captain Fresh, which is planning its public debut this year, saw its operating revenue grow by 70% in FY24.
The Utham Gowda-led B2B firm posted operating revenue of Rs 1394.8 crore in FY24 from Rs 817.1 crore in FY23, according to filings made with the Registrar of Companies (RoC).
The company saw its loss narrow by 22% to Rs 229 crore from Rs 293 crore even as it saw its growth by driven by acquisitions and mergers.
Infifresh Foods, the holding company behind Captain Fresh saw its expenses grow by 44% to Rs 1647.7 crore during the same period, majorly driven by higher expenditure in cost of materials and interest payments.
The Prosus-backed startup is looking to list on domestic bourses soon. It raised close $100 million in new and existing investor last month. Earlier in 2024, it raised $25 million in an extended series C round, taking its total investment to $490 million, according to Tracxn.
Captain Fresh which makes money through the supply of seafood and other animal protein doesn't have direct peers in India on account of its export-focused model.
Revenue contribution from Indian geography fell to Rs 672.3 crore from Rs 723.4 crore rupee in FY23, while contributions from geographies like United States, UAE and China have grown multifold.
This is on account of its acquisition-led strategy, under which it acquired Poland's Koral, US-based CenSea and France-based Senecrus to strengthen its global supply chain.