This Bengaluru-based fish and meat delivery startup just doubled its valuation to half-a-billion dollars

• Captain Fresh announced $50 million funding in a round co-led by Tiger Global and Prosus Ventures.
• Captain Fresh had raised $40 million in December 2021 at a valuation of $200 million.
• Companies like Licious and FreshToHome are just a few companies that operate in the same space as Captain Fresh.

Captain Fresh, a business-to-business (B2B) seafood and meat marketplace, has nearly doubled its valuation to half-a-billion dollars two months after its last fundraise. The company, on Monday, announced $50 million funding in a round co-led by Tiger Global and Prosus Ventures.

The Series C round also witnessed participation from Accel India, Matrix Partners India, Ankur Capital and Incubate Fund. Several media reports suggest that the company may raise another $10 million as a part of this round. Overall, Captain Fresh has raised $100 million to date.

The company will primarily use this capital to inorganically grow their business with the means of acquisition of other companies.

Captain Fresh had raised $40 million in December 2021, also co-led by Tiger Global and Prosus Ventures. The company was then valued at $200 million. The company’s founder and chief executive officer (CEO) Utham Gowda had then mentioned that they are looking to take Captain Fresh to overseas markers like the US and Europe.

He had also mentioned that the company’s annualised revenue run rate (ARR) was at around $50 million. ARR is a projection of the upcoming revenue based on what the company has clocked during their best performing month.

Captain Fresh was founded in 2019 and it currently has a distribution network in around 20 cities with more than 2,000 retail businesses. The company has previously mentioned that they plan to expand to 100 cities in the next year, while focusing on the international markets. The company believes that the recent series of capital infusion can help it strengthen its technology stack and hire more workforce.

The company’s CEO has previously been associated with brands like Tata Strategic Management Group, Kriscore Financial Advisors Private Limited and O3 Capital. He was also the executive vice president of the two-decade-old Nekkanti Sea Foods, one of the largest exporters of seafoods from India.

Companies like Licious and FreshToHome are just few companies that operate in the same space as Captain Fresh, however, they largely focus on direct consumer needs.

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