Captain Fresh Files Confidential Papers For $400 Mn IPO

B2B seafood startup Captain Fresh has pre-filed its DRHP via the confidential route for a $400 Mn (about INR 3,400 Cr) IPO, sources told Inc42.

The IPO will comprise a fresh issue of $200 Mn (around INR 1,700 Cr) and an offer for sale of $150 Mn to $200 Mn (about INR 1,300 Cr to INR 1,700 Cr), the sources added.

Captain Fresh declined to comment on the development. The news was first reported by CNBC TV18.

Captain Fresh turned profitable in FY25 ahead of filing the confidential IPO papers. The sources said that the startup clocked a net profit of INR 40 Cr on a revenue of INR 3,200 Cr during the year. EBITDA stood at INR 120 Cr in FY25.

It had posted a revenue of INR 1,395 Cr in FY24 and posted a loss of INR 229 Cr..

Founded in 2020 by Utham Gowda, Captain Fresh provides a tech-led supply chain platform for seafood. It sells the products in India as well as international markets like the US, the Middle East, and Europe.

Earlier this year, Gowda told Inc42 that the startup was eyeing its IPO by the end of 2025. As part of its public listing preparations, Captain Fresh turned into a public company in June this year.

In a pre-IPO funding round earlier this year, Captain Fresh raised INR 250 Cr from investors like Prosus Ventures, Accel, and Tiger Global Management, Swiggy founder Sriharsha Majety and India Equity Partners chairman Sid Khanna.

In January, Gowda told Inc42 that nearly 60% of Captain Fresh’s demand comes from the US, followed by Europe. It supplies less than 5% of its products to the Middle East, and India accounts for just 2-3%.

This heavy reliance on the US may pose challenges in the near term, as Washington has imposed a 25% tariff on Indian goods and proposed to levy an additional 25% duties which will kick in later this month. The startup services nearly 500-1,000 wholesalers in the US.

Gowda also told Inc42 then that the IPO will help fuel inorganic growth through acquisitions in the US and Europe, where Captain Fresh has already bought seafood brands. While it is currently B2B-focussed, he also hinted at eventual B2C expansion in high-income Western markets, once supply chain efficiencies are firmly established.

Meanwhile, in FY24, the startup reported an operating revenue of INR 1,395 Cr, marking a 71% increase from the previous year’s INR 817 Cr. Meanwhile, it reduced its net loss to INR 229 Cr compared to INR 294 Cr in FY23.

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