Source: Entrackr
Bengaluru, Captain Fresh, a rapidly-growing startup that supplies seafood and is backed by major investors like Tiger Global, has taken a step closer to going public. The company has changed its classification from a private company to a public limited company and is now called “Infifresh Foods Private Limited”, according to its filings with the Registrar of Companies (RoC).
The new change means that the firm is now officially in the process of preparing for an initial public offering (IPO) on Indian exchanges. Going public will allow it to sell shares to the public, trade on an exchange and raise new capital for the company to expand its business.
Alongside this change, Captain Fresh has added three independent directors on its board, they are – Durgesh Kumar Singh, Anil Berara and Harita Gupta and this is part of the company’s initiatives to enhance its corporate governance framework, which matters if a company is planning to go public.
Planning a $350–400 million IPO
Captain Fresh is planning to raise $350 to $400 million (about ₹2,900 to ₹3,300 crore) in its IPO. It will have a primary offering of new shares and an offer for sale (OFS) by existing shareholders.
The company has hired Axis Capital and Bank of America (BofA) to manage the IPO process.
About the Company
Captain Fresh was started in 2019 by Utham Gowda. Captain Fresh is a B2B platform that connects farmers and suppliers of seafood and animal protein directly with retailers . Captain Fresh primarily focuses on the sale of fish, seafood, and meat, and supplies wholesalers directly utilizing models including B2B, B2R (business-to-retail), and B2B2C (business-to-business-to-consumer).
Captain Fresh applies technology into the supply chain in order to ensure its products are delivered in a timely manner and under the safest conditions from suppliers across India and also exported outside the country.
Strong Growth and Funding
According to startup data platform TheKredible, Captain Fresh has raised more than $200 million since it was founded by Tiger Global, Prosus, and Accel. In January 2025, the company raised $30 million from investors in a pre-IPO funding round.
Growth from a business perspective saw the value of the company’s gross revenue (GMV) grow 71% in FY24 to ₹1,395 crore, up from ₹817 crore in FY23. It also reduced its net loss 22% from last year to ₹229 crore.
What’s Next?
Having strong investors, credible traction, a plan to go public, and now preparing for the next phase of its journey, Captain Fresh is shaped for its next phase. An IPO could make it one of India’s leading tech-enabled food supply companies.
