B2B seafood market, Captain Fresh new has lifted $40 million Sequence B funding from Tiger World and Prosus Ventures (previously Naspers Ventures).
Present investors this kind of as Matrix Associates India, Accel India, Ankur Money and Incubate Fund also participated in the round.
Started in 2019 by Utham Gowda, Captain Fresh new is a farm-to-retail platform for seafood and freshwater fishes. It procures fishes/seafood directly from the agents/farmers, and provides across B2B, B2R and B2B2C channels, providing fishes at aggressive pricing when compared to unorganised channels.
Captain Fresh new statements to have a distribution community of 20 towns and extra than two,000 retail corporations. Captain Fresh new empowers modest fishermen and farmers as a result of its platform that aggregates the fragmented retail desire from across the state.
By way of this cash infusion, the firm programs to construct tech interventions and deeper tech integrations across the source and desire facet community, this kind of as, a actual-time trading market, pricing and excellent standardization utilizing AI, as effectively as the application of robotic automation to move large volumes with precision. Captain Fresh new will also utilise the money in direction of increasing its workforce and distribution community across geographies.
Utham Gowda, Main Executive Officer and Founder, Captain Fresh new, stated, “For generations, the fish and seafood field has stayed the identical with very small innovation and we have a one of a kind opportunity to revolutionise the sector utilising engineering. We are thrilled to have investors like Tiger, Prosus Ventures, Accel and Matrix think in us, pursuing early backers Ankur Money and Incubate Fund, which evidently emboldens our eyesight. We are aggressively increasing our aspirations across all proportions – solutions, worth chain existence, and marketplaces – to produce an establishment that could define our generation.”
Captain Fresh new has reported 6x development in the past 12 months and its reseller phase (B2B2C) has shown an raise of 20x in just a few months of start, retailing about 1.two million kg of fish and seafood each month.
Ashutosh Sharma, Head of Investments, India, Prosus Ventures, stated, “We are thrilled to lover with Captain Fresh new in their goal to completely transform a hugely fragmented and inefficient field. The workforce has shown remarkable execution and powerful device economics. We are confident about their potential to utilise engineering to resolve for effectiveness and scalability worries and at the identical time make a very optimistic effects on a large range of fishermen in the state.”