This seafood start-up wants to raise ₹1,700cr via IPO
What's the story
Bengaluru-based seafood supply chain start-up Captain Fresh has filed confidential IPO papers with the Securities and Exchange Board of India (SEBI). The firm, which reclassified itself as a public limited company under the name Infifresh Foods Limited, plans to raise ₹1,700 crore through a fresh share issue. Of this sum, it expects to garner around ₹1,200 crore. The overall issue size, including an offer for sale (OFS) component, is pegged at about $400 million.
Fund utilization
Funds to be used for debt repayment
The proceeds from the fresh share issue will be used to repay debt. This move comes as part of Captain Fresh's transition into a public company in July and its efforts to strengthen corporate governance by appointing three independent directors on its board. The directors are Durgesh Kumar Singh, Anil Berara, and Harita Gupta.
Growth trajectory
Financials and international expansion
For FY25, Captain Fresh reported ₹3,200 crore in revenue, ₹120 crore in EBITDA, and finally a net profit of ₹40 crore. The company's revenue is now largely generated from international markets like the US, Europe, Middle East and China. To support this growth story, Captain Fresh has set up operations in cities like Chicago (US), Paris (France), Dubai (UAE), Madrid (Spain), and Oslo (Norway).
Company profile
Start-up has raised over $200M
Founded in 2019, Captain Fresh has raised over $200 million so far. This includes a $30 million pre-IPO round in January 2025 from investors like Prosus, Accel and Tiger Global. The pre-IPO round also saw participation from domestic investors such as Swiggy co-founder Sriharsha Majety and India Equity Partners's Sid Khanna.