Captain Fresh, the IPO-bound Seafood Marketplace, Reports Rs 229 Crore Loss for FY24
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New Delhi, Jan 13 (NationPress) The IPO-bound B2B seafood marketplace Captain Fresh faced a loss of Rs 229 crore in FY24, a decrease from Rs 295.8 crore in FY23, marking a 22.4% reduction in losses.
In the previous fiscal year, the firm’s overall expenses surged by 44.8% year-on-year, totaling Rs 1,648 crore, up from Rs 1,138 crore in FY23, according to its financial reports.
The cost of materials accounted for 79.55% of total expenses, rising by 72.5% to Rs 1,311 crore.
Employee costs for FY24 saw a decline of 32.45% year-on-year, amounting to Rs 81.6 crore. In contrast, legal expenses increased by 30.56% year-on-year to Rs 47 crore.
Transportation costs in FY24 fell by 24% year-on-year to Rs 38 crore. Other expenses remained steady at Rs 170.4 crore, as per its financials.
Captain Fresh's operating income in FY24 rose by 70.7% year-on-year to Rs 1,395 crore, compared to Rs 817 crore in FY23.
Of this, an impressive 99.28% or Rs 1,385 crore of revenue was derived from product sales. Additionally, Rs 1.3 crore came from service sales and Rs 8.7 crore from other sources.
Including interest income of Rs 27 crore, Captain Fresh's total gross income for FY24 reached Rs 1,422 crore.
Following the losses in FY24, the company's ROCE and EBITDA margins stood at (-22.95%) and (-12.10%) respectively, indicating that the company spent Rs 1.18 to earn each rupee last financial year.
As of FY24, Captain Fresh's current assets totaled Rs 1,804 crore, including a cash and bank balance of Rs 148 crore.
Reports indicate that the company is gearing up for an IPO. Recently, it secured Rs 100 crore from the Motilal Oswal Group as part of pre-IPO funding. Captain Fresh has appointed Axis Capital and BofA as underwriters for the IPO.
To date, Captain Fresh has raised $176 million in funding, with key investors including Matrix Partners, Tiger Global, Accel, Prosus, and Ankur Capital.
