Led · Series C · Sep 2023

Founded in 2020 by Utham Gowda, Captain Fresh operates a digital operating system that integrates seafood sourcing, processing and distribution to bring greater traceability and efficiency to a traditionally fragmented supply chain. The company markets more than 90 species of seafood—including shrimp, salmon, tuna and lobster—through portfolio brands such as CenSea, Frime, Koral, Senecrus, ChopServe, Ocean Edge and Ocean Garden. Its network spans 650+ suppliers across 35 countries and roughly 1,300 distributor and retailer customers in over 30 markets including the US, Europe, the UAE and India. Captain Fresh has expanded its geographic reach via acquisitions, most recently buying Spanish tuna processor Frime after earlier deals for Poland’s Koral, US-based CenSea and France’s Senecrus. In FY25 the company reported a 2.5× jump in gross merchandise value to Rs 3,421 crore from Rs 1,395 crore in FY24. Over the same period it swung to a net profit of Rs 42 crore from a Rs 229 crore loss. The firm plans to use new capital to scale global distribution and deepen sustainability initiatives across its seafood value chains.

Participated · Series D · Dec 2021

Founded in 2013 by brothers Sitanshu and Shardul Sheth, AgroStar runs a hybrid digital platform and network of more than 10,000 retail stores that provide farm advisory, technical guidance, and agricultural inputs. Its app and content reach over 10 million farmers, and the company markets a portfolio of around 200 branded inputs, including biologicals and climate-focused products. The firm plans to use new capital to accelerate omnichannel expansion, deepen product innovation, and build AI-driven capabilities for crop advisory. For FY24, AgroStar reported revenue of Rs 761.51 crore but recorded a loss of Rs 327.43 crore on expenses of Rs 1,088.94 crore, with negative operating cash flow of Rs 135.09 crore. The company has raised more than $140 million to date and competes with peers such as Ninjacart, DeHaat, and Waycool. Management believes its scale and integrated distribution give it a defensible position in the fragmented agritech market.

Participated · Series F · Oct 2021

Founded in 2011, Rebel Foods has evolved from a single quick-service restaurant into one of the world’s largest cloud-kitchen players, now running more than 450 kitchens across 75 Indian cities as well as the MENA region, Indonesia and the UK. The company manages a portfolio of digital-first food brands including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl and the India franchise of Wendy’s. In February 2024 it introduced QuickiES, a 15-minute food-delivery app that aims to shorten fulfilment times and drive incremental orders. For FY24, Rebel Foods’ operating revenue grew to Rs 1,420 crore (up from Rs 1,195 crore in FY23) while losses narrowed by more than 42% to Rs 378 crore, indicating improving operating leverage. To date, the Mumbai-based firm has raised roughly $780 million, including a $210 million Series G led by Temasek and a recent $25 million injection from Qatar Investment Authority. The company is focused on expanding its kitchen footprint and accelerating adoption of its quick-commerce offering to strengthen unit economics and market share.

Participated · Series E · Sep 2021

HomeLane provides end-to-end home interiors services and products, focusing on design, manufacturing and installation for residential customers. The company plans strategic expansion into newer markets and deeper investments in technology and brand-building. Management has set an ambitious revenue target of Rs 2,500 crore by FY24. The business has been capital efficient and the company has achieved cash profitability, according to an investor quote in the article. HomeLane is based in New Delhi and is led by co-founders Srikanth Iyer and Tanuj Choudhry. Over the past seven years it has raised significant venture capital to support growth. HomeLane operates a virtual design platform and real-time integrated pricing engine that lets home buyers select from hundreds of kitchen, wardrobe or wall-unit combinations and work with HomeLane interior designers to customise orders. The platform supports selection of layouts, designs, colours and finishes and the company offers a 45-day delivery guarantee for fit-outs. Bengaluru-based HomeLane says the new capital will be used for continued operations, further expansion of the business and working capital. The company has reported losses for four consecutive financial years—Rs 24 crore (2016–17), Rs 29.28 crore (2017–18), Rs 54.86 crore (2018–19) and Rs 121.31 crore (2019–20). Founded in 2014 by Srikanth Iyer, Rama Harinath, Krishnan Ganesh and Meena Ganesh, HomeLane has raised multiple prior financings and strategic deals. Sequoia, Accel and JSW have been recurring investors in its recent rounds. HomeLane offers a one-stop shop for fitted kitchens, wardrobes, entertainment units and other interior fixtures, combining an online design platform with 16 experience centers across seven Indian cities. Customers upload floor plans that local interior designers review to provide product suggestions, price quotes and 3D visualizations. The company has worked with more than 900 design experts and delivered over 6,000 projects. HomeLane emphasizes guaranteed on-time delivery and after-sale services and differentiates from pure online sellers by its local designer network and supply-chain capacity. The startup plans to use new capital to broaden its proprietary technology infrastructure and expand into eight to ten additional cities. Financially, HomeLane reported a net loss of $4.1 million on revenue of $5.6 million for the year ended March 2018 and its CEO says the company is inching closer to EBITDA profitability. HomeLane is a Bangalore-based online marketplace for fixed furniture, formed in August 2014 by Srikanth Iyer and Rama Harinath alongside K Ganesh and Meena. The portal sells fixed furniture items such as wardrobes, TV cabinets, kitchen units and other home set-up solutions, after rolling up assets of offline design firm Bello Interiors. The company reports 100 employees, has acquired 40 customers in the last eight months, and its average ticket size is about Rs 5 lakh. HomeLane plans to use new funding for expansion into 10 more cities by year end, technology enhancements, and marketing campaigns. Immediate expansion targets are Chennai and Hyderabad, followed by NCR and Pune, and the company intends to double headcount by year end. It positions itself against FabFurnish and Urban Ladder but says it has no direct competition because those players sell loose furniture while HomeLane focuses on fixed furniture.

Led · Series E · May 2021

SK Finance Ltd is an Indian NBFC that focuses on financing for used and new vehicles as well as secured business loans. The company is described as IPO-bound. Recently it raised Rs 1,328 crore (about $159.9 million) in a funding round. That round included participation from existing and new investors and was backed by Motilal Oswal Alternates. The articles do not disclose operating metrics such as revenue or user counts. No other future-product plans beyond the IPO-bound status are mentioned in the coverage. Ess Kay Fincorp Ltd is a non-banking finance company that has created a niche in rural and semi-urban markets with deep distribution across North, West and Central India. The firm operates on-ground sales and collection infrastructure targeting un-banked and under-banked populations and emphasizes strong underwriting and asset quality. Its product focus includes used vehicle finance and SME finance. Management, led by Managing Director Rajendra Setia, highlights the company’s rural-focused lending platform and underwriting strength. The company has raised marquee investor capital, and with the latest round has now secured over ₹1,000 crore of external capital. Spark Capital served as the financial adviser to the company for this round. Ess Kay Fincorp is a non-banking finance company that primarily helps customers in rural and semi-urban India buy used vehicles and run small and medium-sized enterprises. The lender operates through a network of 300 branches across six states in northern and western India and serves more than 2.25 lakh customers. Average vehicle-finance ticket size is Rs 3 lakh over an average tenure of three years, while SME loans average Rs 7 lakh over five years. Ess Kay targets first-time borrowers and focuses on financing used vehicles and SMEs in underserved regions. The company intends to use new capital to expand its CNG vehicle portfolio by enabling borrowers to buy and convert gasoline- and diesel-powered cars into compressed natural gas vehicles, a move framed around promoting cleaner technologies and improving air quality in India. Ess Kay Fincorp was founded in 1994 and began as a two-wheeler financier in Rajasthan. It now offers loans for commercial vehicles, agricultural and construction equipment, passenger vehicles, two-wheelers, and to small businesses. The company operates through a network of about 250 branches across Rajasthan, Gujarat, Punjab, Haryana, Madhya Pradesh and Maharashtra. Management emphasizes a differentiated model supported by a direct sourcing network, hands-on underwriting, quick turnaround and a robust collections mechanism targeting a difficult-to-serve credit category. As of 30 September 2018 Ess Kay had assets under management of about Rs 1,550 crore. The firm has pursued multiple fundraises this year to support its growth and outreach in its focus geographies. Ess Kay Fincorp is an NBFC focused on vehicle finance and small and medium enterprise (SME) loans in rural and semi-urban India. The firm operates through a network of 240 branches across six states in northern and western India, serving more than 75,000 customers with a loan book of over Rs 1,100 crore. Typical ticket sizes are around Rs 3 lakh for vehicle loans (average tenure three years) and Rs 7 lakh for five-year SME loans. Promoted by Rajendra Setia and based in Jaipur, the company plans to use fresh capital to deepen presence in existing locations and expand into new regions. It is targeting rapid growth—aiming for a loan book of Rs 2,500 crore by March 2019 and Rs 6,000 crore by 2022—and intends to more than double its loan book in a little more than a year.