Captain Fresh’s IPO Journey: B2B Seafood Unicorn Sets Sail for $400M Public Listing
Bengaluru-based B2B seafood marketplace Captain Fresh is making waves in India’s startup ecosystem, taking its first formal step toward a $350–400 million Initial Public Offering (IPO) by converting from a private limited company to a public limited entity. Now officially named Infifresh Foods Limited, the company is eyeing a valuation exceeding $1 billion, nearly double its last known valuation of $526 million. This article explores Captain Fresh’s rapid rise, its IPO preparations, and its role as a global leader in seafood supply chains. Why does this matter? Captain Fresh’s public debut could redefine the proptech-meets-agritech space, showcasing how tech-driven platforms can transform traditional industries.
A Vision to Streamline Seafood Supply
Founded in 2019 by Utham Gowda, Captain Fresh has revolutionized the seafood and animal protein market with its farm-to-retail platform. Operating across B2B, B2R (business-to-retail), and B2B2C channels, the company sources fish, seafood, and meat directly from farmers and agents, eliminating middlemen to deliver fresher products at competitive prices. Its tech-enabled supply chain serves wholesalers, retailers, and supermarkets across India and international markets, including the Middle East, Southeast Asia, Europe, and the United States.
Captain Fresh’s mission is to bring transparency and efficiency to the fragmented seafood industry. “We’re building a global platform that connects producers directly to buyers, ensuring quality and speed,” Gowda shared in a 2024 interview with Business Standard. Backed by heavyweights like Tiger Global, Prosus, and British International Investment (BII), the startup has raised over $172 million to date, fueling its expansion and technological innovation.entrackr.cominc42.com
IPO Preparations in Full Swing
On June 14, 2025, Captain Fresh’s board approved its conversion from Infifresh Foods Private Limited to Infifresh Foods Limited, a critical step for listing on Indian stock exchanges, as per a regulatory filing with the Ministry of Corporate Affairs (MCA). The filing stated, “…the conversion of the Company from a private limited company into a public limited company and removal of restrictions under Section 2(68) of the Companies Act, 2013… is hereby approved,” marking a pivotal milestone. The company is now preparing to file its Draft Red Herring Prospectus (DRHP) with SEBI, with Axis Capital Ltd. and Bank of America appointed as lead bankers.cxodigitalpulse.cominc42.com
The IPO, expected by late 2025, aims to raise $350–400 million (approximately INR 2,988–3,415 Cr) through a mix of fresh equity and an Offer for Sale (OFS). Captain Fresh is targeting a valuation north of $1 billion, a 90% premium over its 2024 valuation of $526 million. To bolster its governance, the company recently onboarded three independent directors—Durgesh Kumar Singh, Anil Berera, and Harita Gupta—signaling its readiness for public market scrutiny. Earlier this year, a ₹27.3 crore pre-IPO funding round led by Centrum Wealth Limited further strengthened its balance sheet for capital expenditure and expansion.
Transforming the Seafood Industry
Captain Fresh’s platform leverages technology to streamline the seafood supply chain, offering end-to-end operations management tools for retailers and supermarkets. Its proprietary logistics and quality control systems ensure fresh produce reaches buyers faster, addressing pain points in an industry historically plagued by inefficiencies. The company’s global footprint spans key markets like Indonesia, Vietnam, the Philippines, and the US, where demand for high-quality seafood is surging. A 2024 report by IMARC Group projects the global shrimp feed market to reach $10.8 billion by 2033, driven by aquaculture growth, and Captain Fresh is well-positioned to capitalize on this trend.openpr.com
In FY24, Captain Fresh reported significant growth, though exact revenue figures remain undisclosed. Its pre-IPO funding of ₹27.3 crore in 2025, coupled with a reported $50–100 million raise discussion at a $600–650 million valuation in December 2024, highlights its financial momentum. The company’s ability to scale operations while maintaining quality has earned it a loyal client base, from local wholesalers to international retail chains.inc42.com
Why Captain Fresh’s IPO Matters
Captain Fresh’s IPO comes amid a wave of Indian startup listings, with 23 new-age tech companies planning to raise over ₹18,000 crore in 2025, per Inc42 data. The B2B seafood startup’s transition to a public entity positions it as a first-mover in the digital seafood marketplace, a niche yet high-growth sector. Its $1 billion-plus valuation target reflects investor confidence in its scalable model, akin to other Indian unicorns like Meesho and Groww preparing for IPOs.financialexpress.cominc42.com
The startup’s focus on sustainability and ethical sourcing resonates with global consumer trends. By connecting farmers directly to retailers, Captain Fresh reduces environmental impact and ensures fair pricing, aligning with the growing demand for responsibly sourced seafood. A 2024 QYResearch report notes the frozen fish and seafood market is set to hit $128.97 billion by 2031, and Captain Fresh’s tech-driven approach gives it a competitive edge. For investors, the IPO offers a chance to back a startup blending agritech and proptech innovation with global scalability.openpr.com
A Case Study in Agritech Innovation
Captain Fresh’s journey mirrors other Indian startups like boAt and PhysicsWallah, which have leveraged strong fundamentals and market timing to go public. Unlike traditional seafood suppliers, Captain Fresh’s digital platform offers real-time inventory tracking, predictive analytics, and direct sourcing, disrupting a $100 billion-plus global industry. Its board, now strengthened with independent directors, reflects a commitment to governance, drawing parallels to Zepto’s pre-IPO board restructuring. If successful, Captain Fresh could become India’s first publicly listed B2B seafood marketplace, setting a benchmark for agritech startups.inc42.com
The company’s backers, including Tiger Global and Prosus, have fueled its rapid growth, with acquisitions like CenSea in the US enhancing its international presence. For entrepreneurs, Captain Fresh’s story is a blueprint: combine technology, global ambition, and strategic funding to transform a traditional sector.
FAQ
What is Captain Fresh?
Captain Fresh (Infifresh Foods Limited) is a B2B seafood and meat marketplace founded in 2019, offering a farm-to-retail platform across India and global markets.
When will Captain Fresh file its IPO?
The company is expected to file its DRHP by late 2025, with a listing targeted for early 2026.
What is the size of Captain Fresh’s IPO?
The IPO aims to raise $350–400 million (~INR 2,988–3,415 Cr) at a valuation over $1 billion.
Who are Captain Fresh’s bankers?
Axis Capital Ltd. and Bank of America are leading the IPO process.
Looking Ahead
Captain Fresh’s transition to Infifresh Foods Limited and its upcoming IPO mark a pivotal moment for India’s agritech and proptech sectors. By blending technology with a fragmented industry, the startup is poised to lead the global seafood marketplace, much like Ather Energy redefined electric mobility. As India’s IPO wave gains momentum, Captain Fresh’s $1 billion valuation and global reach make it a standout for investors and entrepreneurs. Follow Captain Fresh on X and LinkedIn for updates, and stay tuned for its journey to the stock exchange.
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Last Updated on Wednesday, July 9, 2025 11:56 am by R Sampath Kumar
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