Mumbai, August 18, 2025 – Captain Fresh, a B2B seafood supply chain startup, is set to raise ₹1,700 crore (approximately $200 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). The company is reportedly eyeing a total issue size of $350–400 million, including an offer for sale (OFS).
Company Overview
Founded in 2019 by Utham Gowda, Captain Fresh operates as a multi-species seafood brand, providing a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. The company has raised over $200 million to date from investors such as Prosus, Accel, Tiger Global, Matrix Partners, Ankur Capital, and Prosus.
Financial Performance
In FY24, Captain Fresh’s gross merchandise value (GMV) rose 71% to ₹1,395 crore, up from ₹817 crore in FY23. The company also reduced its net loss by 22% to ₹229 crore during the same period.
IPO Details
The company’s board approved a special resolution earlier this month to issue equity shares worth up to ₹1,700 crore in a fresh issue. Captain Fresh is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company’s shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) following regulatory approvals.
Strategic Implications
This move marks a significant step in Captain Fresh’s growth trajectory, reflecting optimism about its market potential. The IPO is expected to support the company’s strategic growth plans and potential expansion, further solidifying its position in the seafood supply chain industry.
Stay updated on India’s startup IPOs and growth stories follow StartupByDoc.