Captain Fresh confidentially files draft IPO papers with Sebi, aims to raise Rs 1,700 crore via fresh issue

File photo

B2B seafood company Captain Fresh has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), according to filings made with the Registrar of Companies (RoC).

The company is looking to raise Rs 1,700 crore (roughly $200 million) through its public listing, the filings, sourced via The Kredible, showed.

Moneycontrol was the first to report in October last year that the company had picked Axis Capital and BofA as bankers to its IPO, where it was looking to raise $350-$400 million at a valuation of $1.3-$1.5 billion.

The move comes shortly after the company transitioned to a public limited entity in July.

Captain Fresh dabbles in the fish and seafood market and helps businesses procure fresh produce while also assisting them with processing and distribution in between.

In addition to its listing plans, the company has also appointed three independent directors – Durgesh Kumar Singh, Anil Berara, and Harita Gupta – to its board.

Founded by Utham Gowda in 2019, the company has raised over $160 million from Accel, Tiger Global, Prosus, SBI Investment and several others.

While Captain Fresh has yet to disclose its FY25 numbers, its gross revenue rose 71 percent to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22 percent to Rs 229 crore from Rs 294 crore in the same period.

The company, run by founder and CEO Utham Gowda, has acquired at least three international companies in the seafood space as it looks to tighten its grip over the fish and other related meat market. Indonesia's Fishlog, Poland's Koral and Illinois-based CenSea, as per data available on Tracxn, a private markets data provider.

Earlier this year, Captain fresh raised Rs 250 crore (roughly $29 million) from existing investors, including Prosus, Accel, and Tiger Global, as part of its pre-IPO round.

The round also saw participation from the family offices of Sriharsha Majety (Co-founder, Swiggy), Sid Khanna (Chairman of India Equity Partners), Sunjay Kapur (Chairman of Sona Comstar), and Shivalik Prints, among others. Earlier in 2024, it raised had $25 million in an extended Series C round.

The seafood company now joins a growing list of venture-backed firms eyeing public listings in what is shaping up to be another busy year for startup IPOs.

In 2024, 13 new-age companies collectively raised over Rs 29,000 crore via IPOs, including high-profile debuts from Swiggy, Ola Electric and FirstCry — setting the stage for what many see as the second wave of India’s tech listings.