Source: Entrackr
Captain Fresh, a B2B seafood supply chain company, is planning to go public via an initial public offering (IPO) to raise ₹1,700 crore (approximately $200 million) through a new issue of equity shares. The Tiger Global-backed company is also expected to see an offer for sale (OFS) that could boost the IPO amount to a total of approximately $350–400 million.
As per regulatory documents that Entrackr reviewed, a special resolution to issue new equity shares worth up to ₹1,700 crore was approved by the Company’s board earlier this month. This fresh round of equity issuance came shortly after Captain Fresh converted itself to a public limited company (Corporation) in July 2025, which is required before it could go public.
In the next few weeks, the company is likely to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Subsequently, if approved, Captain Fresh’s shares will be listed on BSE and NSE. The company declined to comment on the development when reached for comment.
Company Information
Founded in 2020 by Utham Gowda, Captain Fresh has developed a multi-species seafood supply platform that gives businesses direct access to seafood, by connecting them with fishermen and coastal farmers around the world with various animal protein offerings including fish, crabs, lobsters, and other seafood.
Over the years, Captain Fresh has also entered international markets and exports seafood to the US, the Middle East, Europe, and Southeast Asia. Their technology-driven platform helps improve supply chains and address inefficiencies in the seafood industry.
Investors and Funding
As per the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million in total from leading investors. It has just closed (January 2025) a pre-IPO round of $30 million from investors including Prosus, Accel, Tiger Global, Matrix Partners, and other early investors, including Ankur Capital.
Financial Expansion
There has been massive growth in the company’s ability to generate financial results. For FY24, the company’s gross merchandise value (GMV) increased 71%, to ₹1,395 crore, compared to ₹817 crore in FY23. Further, it was able to narrow its losses, narrowing net loss by 22% to ₹229 crore.
The FY25 numbers have not yet been released. Industry pundits expect revenue growth to continue since the company is expanding its reach.
