B2B seafood marketplace Captain Fresh pauses IPO plans after withdrawing DRHP

Global packaged seafood startup Captain Fresh has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), citing the need to complete a material overseas acquisition before proceeding with its IPO.

The Bengaluru-based company had been planning to raise Rs 1,700 crore through a fresh issue as part of its IPO. The DRHP had been filed via the confidential pre-filing route by its parent, Infifresh Foods Ltd, in August this year for a proposed $400 million listing.

Ahead of the public issue, Captain Fresh had also raised Rs 250 crore in pre-IPO funding led by existing backers Accel, Prosus Ventures and Tiger Global, with participation from the family office of Swiggy cofounder Sriharsha Majety, India Equity Partners chairman Sid Khanna and the late Sunjay Kapur of Sona Comstar, among others.

According to media reports, co-founder Utham Gowda said the company has temporarily paused its listing plans due to delays linked to regulatory clearances for a European acquisition. Captain Fresh said it has now secured all required approvals and is in the process of completing final transaction activities.

“We have secured all necessary regulatory approvals for the acquisition and are executing final transaction activities that will significantly enhance our global market position. In view of this, we are maintaining the requisite capital structure flexibility to facilitate these strategic equity investments. This withdrawal is a strategic measure in the direction,” the company said in a statement.

The company added that its broader IPO roadmap remains unchanged and that it intends to refile its papers once the transaction is closed, with a fresh filing expected in early 2026.

Captain Fresh has been expanding aggressively through acquisitions to strengthen its presence in overseas markets, particularly Europe and the US.

Earlier this month, it acquired Spanish yellowfin tuna producer Frime. This followed the acquisition of France-based cooked shrimp producer and distributor Senecrus in late 2023 and Poland-based salmon products company Koral in 2024.

The company has also acquired US-based seafood importer CenSea. According to the company, nearly 60% of its demand comes from the US, followed by Europe. The Middle East contributes less than 5 per cent, while India accounts for about 2-3% of sales, making offshore acquisitions central to its growth strategy.

Founded in 2020 by Gowda, Captain Fresh operates a tech-led B2B seafood supply chain platform connecting fishermen with retailers and businesses. Its platform focuses on quality control, traceability and demand forecasting, and offers digital tools such as e-auctions and predictive analytics. The company currently operates a portfolio of around 10 subsidiaries and joint ventures across the US, Europe and Asia.