Captain Fresh's IPO Aspirations Hit Hard with Rs 229 Crore Loss in FY24
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New Delhi, Jan 13 (NationPress) The IPO-bound B2B seafood platform Captain Fresh reported a staggering loss of Rs 229 crore in FY24, reflecting an increase of over 340 percent (or 4.4 times) from a loss of Rs 52 crore in FY23.
During the last fiscal year, the company's total expenditures surged by 44.8 percent year-on-year to reach Rs 1,648 crore, up from Rs 1,138 crore in FY23, according to its financial statements.
The contribution of material costs constituted 79.55 percent of the total expenses, escalating by 72.5 percent to Rs 1,311 crore.
In FY24, Captain Fresh experienced a decline of 32.45 percent in employee expenses year-on-year, totaling Rs 81.6 crore. Conversely, legal expenses rose by 30.56 percent year-on-year to Rs 47 crore.
Transportation costs in FY24 decreased by 24 percent year-on-year, amounting to Rs 38 crore. Other expenses remained relatively stable at Rs 170.4 crore, based on their financial reports.
The operating income for Captain Fresh in FY24 surged by 70.7 percent year-on-year to Rs 1,395 crore, compared to Rs 817 crore in FY23.
From this operating income, 99.28 percent or Rs 1,385 crore originated from product sales, with Rs 1.3 crore coming from services and Rs 8.7 crore from other sources.
When factoring in interest income of Rs 27 crore, the total gross income for Captain Fresh in FY24 amounted to Rs 1,422 crore.
As a result of the loss in FY24, the company's ROCE and EBITDA margins stood at (-) 22.95 percent and (-) 12.10 percent, respectively. The company incurred Rs 1.18 to generate every rupee in the last fiscal year.
In FY24, Captain Fresh reported current assets totaling Rs 1,804 crore, which included a cash and bank balance of Rs 148 crore.
Reports indicate that the company is gearing up for an IPO, having recently secured Rs 100 crore from Motilal Oswal Group in pre-IPO funding. The company has appointed Axis Capital and BofA as its bankers for the IPO.
To date, Captain Fresh has raised a cumulative total of $176 million in funding, with Matrix Partners, Tiger Global, Accel, Prosus, and Ankur Capital serving as its lead investors.
