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DSK Legal advised Infifresh Foods Private Limited (“Infifresh”) (operating under the brand name ‘Captain Fresh’) and its Founder, Mr. Utham Gowda in relation to their Series A Round from the investors: (i) Accel India VI (Mauritius) Limited (entity registered in Mauritius; (ii) Matrix Partners India Investments III, LLC (entity registered in Mauritius); (iii) Matrix Partners India III AIF Trust (a trust registered as a Category – II AIF with SEBI); (iv) Ankur Capital Fund-II (a fund managed by a trust registered as AIF with SEBI); (v) Incubate Japan via IF India II Investment Partnership (an entity registered in Japan); and (v) other angel investors (“Series A Investors”).
Incorporated in June 2020, Infifresh is engaged in the business of processing, preservation and supply of fresh sea food and various categories of meat and is operating through its e-commerce platform named “Captain Fresh” on B2B basis to cater to online retail players, modern trade, general trade retailers and hotels and restaurants catering. The major competitors of Captain Fresh include Fresh2Home, Licious, Big Basket, Walmart and Amazon.
Captain Fresh will use the proceeds from the investments expand operations across all the coastal states in India and improve its distribution and logistics network.
The scope of work of DSK Legal included: (i) reviewing, finalising term sheet for the transaction; (ii) advising on overall structure of the transaction; (iii) assisting Infifresh in the due diligence process being conducted by the Series A Investors; (iv) drafting, revising, negotiating and finalising of Share Subscription Agreement executed between Infifresh, its Founder and Series A Investors; (v) drafting, revising, negotiating and finalising of Shareholders Agreement executed between Infifresh, its Founder and Series A Investors; (vi)drafting, finalising the subscription agreement with angel investors and the Deed of Adherence between Infifresh, its Founder and Series A Investors and other angel investors; (vii) reviewing, revising and negotiating and finalizing restated Employment Agreement for Promoter, Non-Compete termination letter and other Closing documents; (viii) assisting in completing CPs and Closing process of the transaction (including corporate secretarial actions).
This is the fourth successful fund-raising exercise completed by Infifresh since its incorporation in June 2020.
DSK Legal team for the above transaction was led by Associate Partner Mr. Jayesh Kothari, Senior Associate Ms. Rajlaxmi Kale and Associate Mr. Kunal Chopra.
Mr. Hemang Parekh acted as the Engagement Partner for this assignment and provided crucial inputs on the transaction.
Deal Value: USD 12 Million (INR 90 crore)
Date of completion: July 15, 2021