British International Investment

Infifresh Foods Pvt Ltd

South AsiaCommunications & IT services

Captain Fresh is an Indian technology platform that connects businesses directly with fish and seafood suppliers.

Our investment

Description of the investment.

Captain Fresh provides us with an opportunity to invest in a unique tech-enabled B2B business model involved in the global fish and seafood market. It operates as a three-way marketplace between fisherman, processors and customers, through a tech-led approach. The company's proprietary technology allows it to aggregate supply and processing capacity in a largely unorganised and fragmented market.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.

What?

Impact
  • Economic opportunities through direct job creation and sustenance, and improved market integration of fisherman and fishing aggregators (SDG 8.3, 8.5).

  • Conserve and sustainably use the oceans, seas and marine resources for sustainable development (SDG 14).

  • Decrease degradation of environmental resources on a large scale and promote sustainable production and consumption (SDG 12).

How?

Primary Secondary
  • Direct: Growth in economic opportunities for the fishermen, boat owners and aggregators selling to Captain Fresh. Growth in economic opportunities for employees of Captain Fresh.

  • Direct: Reduction of wastage in the fisheries supply chain and greenhouse gas emissions.

Economic enabler: Significant foreign exchange generation given exports accounting for company revenue.

Who?

Stakeholder Geography Characteristics
Suppliers: Fishworkers, boat owners, fishing aggregators

Primarily India

Suppliers: India is the world’s second-largest fish-producing nation and contributes 7.5 per cent of global fish production. The country’s fisheries sector is a source of livelihood to over 50 million people.

Planet

South Africa

Overfishing and unsustainable practices, such as trawling, damages the aquatic ecosystem. Nearly 30 per cent of produce is lost during fishing and post harvesting due to lack of lack of adequate infrastructure. India produces 14 million tonnes of fish and seafood, out of which 9 million tonnes is sold (both domestic and exports).

How much?

Scale Depth/Duration

Suppliers: Based on due diligence and company’s estimates, approximately 1500 fishermen through 150 boats are selling to Captain Fresh directly. The company also procures from approximately 1350 fishing aggregators.

Depth: Due diligence has showed good depth of impact the company is having on its suppliers:

  1. 60 per cent of suppliers interviewed said they didn’t have access to a service such as Captain Fresh before.
  2. 58 per cent of respondents said they can’t find an alternative to Captain Fresh.
  3. 62 per cent said their quality of life is very much improved due to Captain Fresh.

Contribution/additionality

Contribution/additionality
  • Financial additionality: We are the first DFI investing in Captain Fresh.

  • Value additionality: Improvement of processes/systems (ESAP) and climate change.

Risk

Evidence Risk

Risk of not being able to directly monitor and assess the impact on fisherman at scale.

Unexpected Impact Risk

Risks in aquaculture and marine fisheries.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We agreed on an E&S Action Plan (ESAP) which required broad improvements to be made to Captain Fresh internal Human Resource policies and their ESMS to better manage risks at partner facilities as well as within the fresh catch and aquaculture supply chain.

Environmental and social risk

High

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    June 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D6453
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    South Asia
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Equity
    Start date :
    December 2023
    Amount :
    $7.01m
    Currency of investment :
    INR
    Domicile

    The company or investment fund’s place of incorporation.

    :
    India
    2X Gender Finance

    Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.

    :
    Fully qualified

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