Captain Fresh to raise Rs 1,700 crore through fresh issue of shares in IPO

Business-to-business (B2B) packaged seafood company Captain Fresh is set to raise Rs 1,700 crore (about $200 million) through a fresh issue of shares through its upcoming initial public offering (IPO).

The company’s board gave approval last week to issue equity shares worth Rs 1,700 crore in the IPO, according to filings made by the company at the Registrar of Companies (ROC).

The development comes a month after Captain Fresh’s board approved a resolution to change its status to a public company ahead of the IPO and rename it to ‘Infifresh Foods Limited’ from ‘Infifresh Foods Private Limited’.


With this, Captain Fresh joins other B2B startups like Zetwerk and Infra.Market that are preparing for IPOs.

In January, ET had reported that Captain Fresh had raised Rs 250 crore in a pre-IPO funding round led by existing investors Prosus Ventures, Accel, and Tiger Global Management. The round also saw participation from the family office of Swiggy cofounder Sriharsha Majety, India Equity Partners’ chairman Sid Khanna, and the late Sunjay Kapur of Sona Comstar, among others.

Founded in 2020 by Utham Gowda, Captain Fresh is a tech-led supply chain platform for packaged seafood. It operates in a business-to-business (B2B) model and sends items across India and international markets, including the Middle East, Europe, and the US.

In FY24, it reported an operating revenue of Rs 1,395 crore, up 71% from Rs 817 crore the previous year, while its net loss reduced to Rs 229 crore from Rs 294 crore in FY23.

The development about Captain Fresh planning to raise Rs 1,700 crore from its IPO was first reported by digital news publication Entrackr.