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B2B Seafood Marketplace Captain Fresh Set for Stock Exchange Listing

B2B seafood marketplace Captain Fresh is preparing for a listing on Indian stock exchanges after becoming a public limited company. The board has approved a resolution to transition to a public company, changing its name from “Infifresh Foods Private Limited” to “Infifresh Foods Limited,” as noted in its regulatory filing from the Registrar of Companies (RoC).

This significant step follows the recent appointment of independent directors Durgesh Kumar Singh, Anil Berara, and Harita Gupta, as highlighted in a separate filing.

Captain Fresh aims to raise between $350–400 million at a valuation exceeding $1 billion through its initial public offering (IPO). This offering will include both a fresh issue of equity shares and an offer for sale (OFS). To assist with this process, the company has engaged Axis Capital and Bank of America (BofA) as its financial advisors.

Established in 2019 by Utham Gowda, Captain Fresh functions as a B2B seafood marketplace that provides a farm-to-retail solution for animal protein products, including fish, seafood, and sheep. The startup directly sources from agents and farmers, catering to B2B, B2R, and B2B2C distribution channels.

According to data from various startup intelligence platforms, Captain Fresh has successfully secured over $200 million in funding to date, which includes a $30 million pre-IPO round completed in January of this year from notable investors such as Prosus, Accel, and Tiger Global.

Captain Fresh’s gross merchandise value (GMV) surged by 71%, reaching Rs 1,395 crore in FY24, up from Rs 817 crore in FY23. Additionally, the company has reduced its net loss by 22%, lowering it to Rs 229 crore during the last fiscal year.

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