Captain Fresh: B2B Seafood Supply Chain Startup Raises Rs 1,700 Crore

B2B seafood supply chain startup Captain Fresh is preparing to raise Rs 1,700 crore (approximately $200 million) through a new issue of shares as part of its forthcoming initial public offering (IPO). Backed by Tiger Global, the company aims for a total issue size of $350-400 million, which will include an offer for sale (OFS). Regulatory filings reviewed by Startup Superb reveal that the company’s board approved a special resolution earlier this month to issue equity shares valued at up to Rs 1,700 crore in a fresh issuance.

The initiative follows closely after its transition into a public limited company, a move that was exclusively reported by Startup Superb in July. The filings also show that Captain Fresh is actively working on submitting its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). Following regulatory approvals, the company’s shares are set to be listed on both the BSE and NSE. Captain Fresh chose not to comment on this development.

Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand providing a platform for sourcing and supplying various animal proteins, such as fish, crabs, lobsters, and other seafood. According to data from various startup intelligence sources, Captain Fresh has managed to raise over $200 million to date, including a $30 million pre-IPO round earlier this year in January, from investors like Prosus, Accel, Tiger Global, among others. Notable investors such as Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus continue to support Captain Fresh.

While the company has not yet disclosed its FY25 figures, Captain Fresh reported a remarkable 71% increase in gross revenue (GMV), rising from Rs 817 crore in FY23 to Rs 1,395 crore in FY24. Additionally, the company successfully reduced its net loss by 22% during the same period, bringing it down to Rs 229 crore.