Tiger Global-backed B2B seafood chain Captain Fresh reduced its net loss by 22% to 229 crore in FY24, while growing its topline by almost 70% to1,395 crore. The company has plans to end the current fiscal with a profitable bottom line and revenue growth in the range of $500-550 million. The company’s expenses rose 44% to Rs 1,648 crore, driven primarily by a surge in the cost of materials which forms 80% of its total expenses.
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The company primarily exports shrimps, salmons, and a few other marine species to US and European markets, after sourcing them from India, Indonesia, Vietnam, Thailand, and Philippines. To bolster its globally spread out supply chain, it has recently acquired two companies in the seafood space – Poland-based Koral and Illinois-based CenSea.
Founder and CEO Utham Gowda, in an earlier interaction with FE, said that he is currently looking to make further acquisitions in the white fish and tuna industry. Captain Fresh also has plans for an IPO in FY26.
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