Meet eFishery’s biggest competitor in India

India is home to more than 28 million fishers, making the country a prime target for aquaculture startups.

As such, deciding to expand into the country wasn’t rocket science for big players like Indonesia’s eFishery. In late 2023, the aquatech unicorn officially rolled out its operations in India.

But for Indian startup Captain Fresh, its home market is just the launchpad for something much bigger. The company recently announced its acquisition of Koral, a major producer of smoked salmon based in Poland.

This is the third acquisition for Captain Fresh in less than six months. Previously, it snapped up US-based seafood importer CenSea and French shrimp distributor Senecrus.

The company isn’t slamming the breaks on its M&A moves anytime soon. Founder and CEO Utham Gowda tells Tech in Asia more acquisitions are on the way as they are “core to the company’s expansion strategy.”

Captain Fresh already has a noticeable presence in North America, Europe, and other markets in the Global North, which is quite a feat for a startup that has only been around for five years. It is half the age of eFishery, which was founded over 10 years ago. 

Captain Fresh has now set its sights on going public as it aims to become one of the world’s top seafood distributors.

So how did the Bengaluru-based company scale its business internationally so quickly?

Tech doesn’t always mean money

Founded in 2019, Captain Fresh specializes in B2B seafood distribution. It leverages tech to streamline the entire supply chain and is rapidly emerging as a formidable player in the global seafood industry.

Like most aquaculture startups, Captain Fresh’s tech solutions are designed to boost the operational efficiency of seafood industry players.

It has a “super app for fisherfolk” called Fishgram, a retail management solution called ChopServe, and enterprise resource planning (ERP) software suites for factory owners and distributors.

Unlike eFishery, however, Captain Fresh doesn’t monetize its tech products. It offers them to partners for free instead, as Gowda believes the company won’t get enough traction if it charges for their use. 

See also: This Singapore aquafarm takes to AI like fish to water

Profitable catch?

Global North vs. Global South

Friends, not foes