The company will use the money to beef up its supply-side tech, expand distribution globally and grow its team, said its founder Utham Gowda.
The funding round saw participation from its existing investors Matrix Partners India, Ankur Capital and Incubate Fund, and angel investors, including Jitendra Gupta (Jupiter), Asish Mohapatra and Ruchi Kalra (OfBusiness) Souvik Sengupta (Infra.Market), Rajesh Yabaji(BlackBuck), Revant Bhate (Mosaic Wellness), Ramakanth Sharma (Livspace), and Amrish Rau (PayU).
The company, founded in 2019, said it is working to simplify the fish and seafood supply chain in the country. It aims to drive predictability through a combination of a digital commerce platform and a physical fulfilment layer for retailers across multiple formats.
Captain Fresh said it works with more than 600 businesses across various retail formats in more than 10 Indian cities.
“Over the last 24 months, we have iterated the playbook for efficiently aggregating demand and supply, validated by a 10x growth spurt through the pandemic,” said a statement issued by Gowda, who is also the CEO. “We are thrilled to find ourselves at this unique intersection of a large unsolved problem, a highly capital efficient business model and backed by a high quality investor set.”
Barath Shankar Subramanian, partner, Accel, said, “The fresh fish and seafood market in India is characterised by a huge supply-demand mismatch, varied quality standards, fragmented channels and numerous other issues. Captain Fresh is targeting this fragmented supply base, aggregating the supply through technology, using scale, and technology to standardise the quality, and serving retailers by giving better quality products, higher fill rate, and predictable delivery.”