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Catamaran Waterbase to raise Rs 6.5 cr early-stage funding

Source : BUSINESS_STANDARD
Last Updated: Thu, Nov 22, 2012 19:43 hrs

Catamaran Waterbase Solutions Private Limited, a Hyderabad-based start-up, is looking at raising Rs 6.5 crore early-stage funding in the next two months.

“We are in the final stage of raising the fund. We have approached a couple of angel investors and venture capitals including Hyderabad Angels and Indian Angels. It should happen over the next one-two months,” Y Ravi, chief executive officer, Catamaran Waterbase, said.

The start-up, which is into fish procurement and delivery to major hotels, saw almost three-fold growth in turnover to Rs 1.41 crore from Rs 42 lakh in 2009, when it was set up.

The domestic fish industry is roughly about $24 billion and set to reach $86 billion over the next 10 years, according to estimates. Of this, only 2 per cent is organised. The per capita fish consumption is also comparatively low at 5.9 kg per annum compared with international standards of 16.6 kg per annum. Even the National Fishery Development Board is working towards increasing India’s per capita fish consumption to international standard,  he said.

Betting big on this untapped segment, the company is planning to start two divisions – fish retail stores and exclusive fish-food takeaway outlets -- over the next three-five years.

It would set up 360 retail outlets —Good Fish — in the next five years across 22 cities. Each outlet will be spread across 450-500 sft and come up with an investment of around Rs 12 lakh. It also plans to have 227 exclusive fish takeaways -- Pescetarians -- across major metros in three years.

Catamaran Waterbase was one of the 15 finalists at the ISB-TiE Connect 2012, which began here on Thursday.

The three-day event is being organised in partnership with the Indian School of Business (ISB) and The Indus Entrepreneurs (TiE) Hyderabad chapter.

It is a platform for investors and entrepreneurs from across the country to network and learn all about valuation, funding etc. It was inaugurated by Andhra Pradesh chief minister Kiran Kumar Reddy.




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