Global packaged seafood company Captain Fresh has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), according to information published by the market regulator. The Bengaluru-based company clarified that the move is strategic and aimed at facilitating the closure of a material acquisition.
Captain Fresh was earlier planning to raise around ₹1,700 crore through a fresh issue as part of its proposed initial public offering (IPO). Ahead of the listing, the company had also secured ₹250 crore in pre-IPO funding led by existing investors Prosus Ventures, Accel and Tiger Global, with participation from the family office of Swiggy co-founder Sriharsha Majety, India Equity Partners chairman Sid Khanna and the late Sunjay Kapur of Sona Comstar.
Confirming the development, Captain Fresh said it has voluntarily withdrawn its pre-DRHP to maintain capital structure flexibility while completing the contemplated acquisition. The company added that all regulatory approvals for the transaction have been secured and final deal-related activities are currently underway.
“This withdrawal is a strategic measure to facilitate equity investments linked to the acquisition. Our IPO roadmap remains unchanged, and we will refile once the transaction is completed,” Captain Fresh said in a statement.
The company also highlighted its improving financial performance, noting that the group has already surpassed its full-year EBITDA and profit after tax of the previous fiscal within the first six months of FY26, driven by margin expansion and sustained profitable growth.
Founded in 2020 by Utham Gowda, Captain Fresh operates a tech-led B2B supply chain platform for packaged seafood, with operations across India, the Middle East, Europe and the US. In FY25, the company reported a 145% year-on-year jump in gross merchandise value (GMV) to ₹3,421 crore, largely led by recent global acquisitions.
Captain Fresh has raised over $200 million to date and counts Matrix Partners, Accel, Tiger Global, Ankur Capital and Prosus among its key investors.
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