India’s biggest fish and seafood business to business platform; Capital Fresh has decided to start afresh with its distribution mechanism. The company has managed to raise a $ 3 million funding from Matrix Partners India and Ankur Capital. Incubate Fund was also a part of the funding along with a couple of angel investors.
“We are digitally transforming the highly inefficient fresh fish and seafood supply chain in India by aggregating the fragmented retail demand across the country and linking them to the small fishermen and farmers throughout the Indian coast,” Gowda said in a press release, adding that Captain Fresh has seen humungous revenue growth in the last year.
BACKGROUND
Captain Fresh is a recent start up incepted in April 2019 by investment banker Utham Gowda headquartered in Bengaluru. It was set up with a view to tap one of the largest consumer markets through supply chain integration. The prominent investors have been ADB Ventures, Incubate Fund and Sandhya Aqua.
It has been able to deepen its roots in different metropolitan cities of country like Bengaluru, Hyderabad, Pune, Mumbai, Mangaluru and Vishakapatnam. The major milestones achieved by company are:
- Company is about to hit $ 1 million per month revenue record.
- A network of 5 lakh retailers & fish mongers has been able to serve 7.5 crore households.
- The seller domains also have connected to approximately 16 lakh farmers covering a huge coastline of 7200 km.
- 1500 landing centers are functioning currently.
- $ 2.3 Million was raised in August 2020.
- It is trusted by partners like stir, spar, metro and big bazaar.
- It has started certain core initiatives like maintaining full service stack for retailers, matching the needed demand & supply, focusing on material flow and deepening digital footprint.
WHY FUNDING?
The founder insisted on the fact that such a huge network demands a clear & efficient distribution to meet customer expectations and also increase the revenue at the same time with a great number to foster the bigger objective in the long run.
Digitalisation was the much needed call to be taken in order to compete with prominent market players like Aqua Connect, Fresh To Home, Licious and Tender Cuts. Aqua Connect is working on a building a structure of big data and artificial intelligence. In order to compete with them; a strong traceability and efficiency will be the target. A great market presence is the only key to survive in such market.
Captain Fresh has a portfolio of services like Capt. Quick, Capt. Fair and Capt. Honest that have made supply chain more active and empowered at a fast pace. It has a clear target to reach to those 70% households that have chronic deficiency symptoms and are unable to access quality sea food. The new funds would focus on innovative modes of reaching consumers fastest through deep technological innovations.
The vision to re-imagine the future of sea food industry has begun through this funding. It will foster all the objectives of company at a single stretch.
Keeping it simple to keeping our promises.
Getting it done to giving the best.
Owning future with a generous speed.