Startup News

B2B supply chain start-up Captain Fresh bags $3 million seed funding

According to reports, Freshwater fish and seafood supply chain platform Captain Fresh has raised $3 million in a seed funding round.

Matrix Partners India and Ankur Capitalled the funding, respectively.

Incubate Fund also participated in the round, along with angel investors Jupitar Money’s Jitendra Gupta and Pine Labs’ Amrish Rau.

Moreover, Capital Fresh aims to utilize the funds deepen its sourcing and distribution network besides investing in people and technology.

Founded in April 2019, the Bengaluru-based start-up supplies fresh water fish and seafood to more than 550 retailers.

This is across both general and modern trade as well as to online meat and seafood retailers.

Further, the B2B marketplace offers technology solutions for demand-supply matching, e-auctions for sourcing of produce.

It also includes creating a standardised supply flow as well as maintaining digital traceability across the chain.

However, it has its presences in Bengaluru, Hyderabad, Pune, Mumbai, Mangaluru and Visakhapatnam.

Over the past 18 months, the firm has witnessed 10 times revenue growth at over $1 million revenue per month.

Among it’s competitors are Omnivore and HATCH backed Chennai-based Aquaconnect.

Besides this, Captain Fresh also competes with Licious, TenderCuts in the seafood segment.

Moving forward, the company anticipates India’s seafood market to surge to $60 billion by 2024.

Also, it is organising a $30 billion seafood supply chain in India by assuring better quality fish.

In October last year, Capital Fresh and ecommerce start-up Fresh to Home raised $121 million in a Series C funding round.

Investment Corporation of Dubai, Investcorp, Ascent Capital, DFC, Allana Group and Iron Pillar led the funding.

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