Captain Fresh Withdraws DRHP for Strategic Acquisition

Captain Fresh, a global packaged seafood company, has officially withdrawn its draft red herring prospectus (DRHP) that was submitted to the Securities and Exchange Board of India (SEBI). This information was disclosed by the markets regulator. The Bengaluru-based firm intended to raise Rs 1,700 crore through a new issue as part of its initial public offering (IPO), as previously reported by Startup Superb.

In the lead-up to the planned listing, Captain Fresh successfully secured Rs 250 crore in pre-IPO funding from existing investors such as Prosus Ventures, Accel, and Tiger Global. Contributions also came from notable figures like Sriharsha Majety, co-founder of Swiggy, India Equity Partners chairman Sid Khanna, and the late Sunjay Kapur of Sona Comstar.

Reason for Withdrawal

Captain Fresh confirmed the withdrawal of its pre-DRHP as a means to expedite the closure of a significant acquisition. The company mentioned that it has acquired all the necessary regulatory approvals for this transaction and is in the process of finalising deal-related activities, which are anticipated to significantly bolster its standing in the global market.

The firm noted that this withdrawal is a strategic decision aimed at maintaining the essential flexibility in its capital structure to facilitate these pivotal equity investments. This strategic move is intended to support Captain Fresh’s future plans.

IPO Roadmap Remains Unaffected

Despite the withdrawal, Captain Fresh clarified that its initial IPO strategy remains intact. The company is committed to adhering to its listing timelines and plans to submit a fresh filing once the acquisition is completed.

Additionally, Captain Fresh highlighted its improving financial performance, indicating that the group has significantly exceeded its prior full-year EBITDA and profit after tax within the first six months of FY26. This demonstrates expanding margins and sustained profitable growth.

Company Overview

Founded in 2020 by Utham Gowda, Captain Fresh operates a technology-driven B2B supply chain platform for packaged seafood. Its operations extend across India, the Middle East, Europe, and the US. In FY25, the company reported a remarkable 145% increase in GMV to Rs 3,421 crore, primarily driven by recent acquisitions, including US-based seafood importer CenSea, France’s Senecrus, and Poland’s salmon firm Koral.

As per various sources on startup data intelligence platforms, Captain Fresh has raised over $200 million to date, which includes a $30 million pre-IPO round earlier this year. Its extensive investor base features Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus.