New Delhi, Jan 13: IPO-bound B2B seafood marketplace Captain Fresh suffered a massive loss of Rs 229 crore in FY24, over 340 per cent decline (or up 4.4 times) from Rs 52 crore in FY23.
Key Points
1.
Company operating income increased by 70.7% to Rs 1,395 crore
2.
Massive loss of Rs 229 crore recorded in fiscal year
3.
Pre-IPO funding of Rs 100 crore raised from Motilal Oswal Group
In last fiscal, the company's total expenses also increased by 44.8 per cent year-on-year to Rs 1,648 crore. It was Rs 1,138 crore in FY23, as per its financials.
Material cost contribution was 79.55 per cent in the company's total expenses. It increased by 72.5 per cent to Rs 1,311 crore.
The company's employee expenses in FY24 declined by 32.45 per cent year-on-year to Rs 81.6 crore. Legal expenses increased by 30.56 per cent year-on-year to Rs 47 crore.
The company's transportation expenses in FY24 declined by 24 per cent year-on-year to Rs 38 crore. Other expenses remained stable at Rs 170.4 crore, according to its financials.
Captain Fresh's operating income in FY24 increased by 70.7 per cent year-on-year to Rs 1,395 crore, from Rs 817 crore in FY23.
From this, 99.28 per cent or Rs 1,385 crore of income came from the sale of products. At the same time, Rs 1.3 crore were received from the sale of services and Rs 8.7 crore from other items.
If the interest income of Rs 27 crore is also included, then the gross income of Captain Fresh in FY24 was Rs 1,422 crore.
Due to loss in FY24, the company's ROCE and EBITDA margins remained at (-) 22.95 per cent and (-) 12.10 per cent. The company spent Rs 1.18 to earn one rupee in the last financial year.
The company's current assets in FY24 were Rs 1,804 crore and this also includes cash and bank balance of Rs 148 crore.
According to reports, the company is preparing for IPO. Recently, Rs 100 crore were reportedly raised from Motilal Oswal Group under the pre-IPO funding. The company appointed Axis Capital and BofA as bankers for the IPO.
Captain Fresh raised a total of $176 million in funding to date, with Matrix Partners, Tiger Global, Accel, Prosus and Ankur Capital as its lead investors.
