B2B seafood startup Captain Fresh converts into public company as it prepares for IPO: Report

Captain Fresh, the B2B seafood and meat marketplace, has reportedly transitioned into a public limited company, a move that signals its intent to go public later this year.

According to media reports, the startup disclosed in a regulatory filing with the Ministry of Corporate Affairs (MCA) that its board approved the conversion from a private limited entity to a public company at a meeting held on June 14, 2025.

The legal transformation, a prerequisite for any Indian company looking to list on domestic stock exchanges, also involved a corporate name change from Infifresh Foods Private Limited to Infifresh Foods Limited. “...the conversion of the Company from a private limited company into a public limited company and removal of restrictions under Section 2(68) of the Companies Act, 2013... is hereby approved,” the filing read.

The development comes amid mounting anticipation over Captain Fresh’s upcoming initial public offering (IPO), which is expected to raise between $350 million and $400 million. The company is reportedly seeking a valuation north of $1 billion, nearly double its last disclosed valuation of $526 million. It has appointed Axis Capital and Bank of America (BofA) as bankers to lead the offering.

In preparation for the listing, the startup recently inducted three independent directors — Durgesh Kumar Singh, Anil Berera and Harita Gupta — to its board. It also raised Rs 27.3 crore earlier this year from Centrum Wealth and others to bolster its capital expenditure and business readiness ahead of the IPO.

Founded in 2019 by Utham Gowda, Captain Fresh operates as a tech-enabled B2B marketplace that sources meat and seafood directly from agents and farmers, supplying to retailers and distributors across India and international markets. The company now exports to the Middle East, Southeast Asia, Europe and the United States. It is also planning an international B2C foray, though the timeline remains undisclosed.

According to public disclosures and investor data platforms, the company has raised more than $200 million to date from investors such as Accel, Prosus, Tiger Global and others.

Captain Fresh reported a 70% year-on-year jump in revenue to Rs 1,395 crore in FY24. Its net loss narrowed to Rs 229 crore during the same period. Founder Utham Gowda previously said that the company was on track to post a topline of $525–550 million in FY25, with nearly 98% of demand coming from outside India.