Seafood company Captain Fresh files DRHP for IPO

Mumbai, 20 August 2025: B2B seafood company Captain Fresh has confidentially submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). It intends to raise Rs 1,700 crore through a fresh issue as part of its upcoming IPO. The move comes shortly after the company transitioned to a public limited entity in July.

Board Expansion with Three Independent Directors to Strengthen Governance Ahead of IPO

In a strategic step towards corporate governance, Captain Fresh has appointed three independent directors – Durgesh Kumar Singh, Anil Berara, and Harita Gupta – to its board. This addition aligns with the company’s plans to expand its market presence and assure investors ahead of its public listing.

Revenue Growth Accelerates 71% to Rs 1,395 Crore in FY24, Net Loss Narrows by 22%

Captain Fresh reported gross revenue of Rs 1,395 crore in FY24, a 71 percent increase from Rs 817 crore in FY23, reflecting strong demand and expanded operations in the seafood B2B segment. Meanwhile, the company reduced its net loss to Rs 229 crore from Rs 294 crore in FY23, indicating operational efficiencies and cost optimisation. Financial filings for FY25 are yet to be disclosed.

Global Expansion with Acquisitions of Fishlog, Koral, and CenSea to Strengthen Supply Chain

Under CEO Utham Gowda, Captain Fresh has acquired three international seafood firms – Indonesia’s Fishlog, Poland’s Koral, and Illinois-based CenSea – to consolidate its footprint across key global markets. These acquisitions support the company’s end-to-end seafood supply chain, from procurement and processing to distribution.

Pre-IPO Funding of Rs 250 Crore from Tiger Global, Prosus, Accel, and Strategic Family Offices

Earlier this year, Captain Fresh raised Rs 250 crore in a pre-IPO round, attracting participation from investors including Tiger Global, Prosus, Accel, and prominent family offices such as those of Sriharsha Majety (Swiggy), Sid Khanna (IEP), and Sunjay Kapur (Sona Comstar). This funding supports expansion initiatives and strengthens its IPO readiness.

About Captain Fresh – Mumbai-Based Multi-Species Seafood Company Eyeing Public Listing

Founded in 2019 by Utham Gowda, Captain Fresh operates in the B2B seafood sector, facilitating procurement, processing, and distribution of fresh seafood across India and internationally. The company has raised over $200 million from investors including Accel, Tiger Global, Prosus, and SBI Investment, and is now preparing to list on both BSE and NSE following SEBI approval.

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