Bengaluru-based seafood exporter Captain Fresh (Infifresh Foods) is gearing up to raise ₹1,700 crore (~$200 million) through a fresh issue of shares in its forthcoming Initial Public Offering (IPO). This move positions Captain Fresh among a growing list of B2B startups making their way to Indian stock markets, alongside peers like Zetwerk and Infra.Market.
Incorporated: 2020, Bengaluru
Founder: Utham Gowda
Business Model: Technology-driven B2B platform for packaged seafood exports
Markets Served: India, Middle East, Europe, United States
Captain Fresh leverages a digital-first platform to streamline the seafood supply chain, linking Indian producers with domestic and global buyers. By focusing on efficiency, scale, and traceability, the company has rapidly carved out a niche in the packaged seafood export market.
In January 2025, Captain Fresh raised ₹250 crore in a pre-IPO round, attracting support from leading global and strategic investors such as:
Prosus Ventures
Accel
Tiger Global
Strategic investors including Swiggy co-founder Sriharsha Majety, India Equity Partners’ chairman Sid Khanna, and Sunjay Kapur of Sona Comstar
The participation of such marquee names underscores strong investor confidence in the company’s growth trajectory and international scalability.
FY24 Operating Revenue: ₹1,395 crore (71% YoY growth from ₹817 crore in FY23)
Net Loss: Reduced to ₹229 crore in FY24 from ₹294 crore in FY23
Growth Drivers: Rising seafood demand in international markets such as the Middle East, Europe, and the US
Although the company remains loss-making, its robust revenue growth and narrowing losses signal improving operational leverage and a pathway toward long-term profitability.
IPO Size: ₹1,700 crore
Type of Issue: 100% fresh equity issuance (no Offer-for-Sale component)
Objective of Fundraising: Expected to fuel business expansion, strengthen the supply chain, and enhance international market presence
Regulatory Status: Board approval secured; filings made with the Registrar of Companies
Captain Fresh’s IPO is noteworthy for several reasons:
It highlights the increasing maturity of India’s B2B startup ecosystem, with more companies accessing public markets.
The company has demonstrated consistent revenue acceleration coupled with financial discipline.
With a scalable model and diversified international demand, the growth potential in the packaged seafood sector remains substantial.
While Captain Fresh is still in the red, the combination of high growth, marquee investor backing, and strategic global reach makes this IPO a compelling development for investors tracking India’s startup ecosystem. Market participants will closely observe how effectively the company deploys the ₹1,700 crore to achieve sustainable profitability.
Captain Fresh’s listing is not just an IPO — it is a signal of India’s rising influence in global B2B trade, powered by technology and innovation.
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