Confidential documents for an initial public offering (IPO) of seafood supply chain startup Captain Fresh have been submitted to the Securities and Exchange Board of India (SEBI), according to a report.
Captain Fresh, a Bengaluru-based B2B seafood supply chain platform, has reclassified itself as Infifresh Foods Limited and confidentially filed draft IPO papers with SEBI for a public listing. The startup, founded by Utham Gowda in 2019, is targeting to raise approximately $400 million through the IPO.
The IPO will comprise a fresh issue of shares worth around $200 million and an offer for sale component, with an estimated range of $150 million to $200 million. Proceeds from the fresh issue will primarily be used to repay debt.
Infifresh Foods Limited has made significant strides in establishing operations globally, with hubs in cities such as Chicago, Paris, Dubai, Madrid, and Oslo. The company services nearly 500 to 1,000 wholesalers in the U.S. and derives over 98% of its revenue from international markets, including the United States, Europe, the Middle East, and China.
To strengthen its governance framework, three independent directors, Durgesh Kumar Singh, Anil Berera, and Harita Gupta, were inducted into the company. Notable investors in Captain Fresh include Sriharsha Majety, Sona Comstar chairman Sunjay Kapur, and India Equity Partners' Sid Khanna, who participated in the pre-IPO round.
In January 2025, Captain Fresh raised approximately $30 million in a pre-IPO round led by Prosus Ventures, Accel, and Tiger Global. The platform connects fishermen, aquaculture farmers, retailers, and distributors directly, streamlining the seafood supply chain.
Infifresh Foods Limited transitioned into a public company in July, marking a significant milestone in its journey. With the upcoming IPO, the company aims to continue its growth trajectory and solidify its position in the global seafood market.
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