B2B seafood supply chain startup Captain Fresh confidentially files draft IPO papers with SEBI: report

Bengaluru-based B2B seafood supply chain startup Captain Fresh, which recently reclassified itself as a public limited company under the name Infifresh Foods Limited, has confidentially filed draft IPO papers with markets regulator SEBI as it gears up for a public listing.

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According to media reports, the company is targeting to raise about $400 million (roughly Rs 3,400 crore) through the offering. The issue will comprise a fresh issue of shares worth approximately $200 million (around Rs 1,700 crore) and an offer for sale component of $150 million to $200 million (Rs 1,300–1,700 crore). Proceeds from the fresh issue will primarily be used to repay debt.

The company, founded in 2019 by Utham Gowda, operates a technology-led B2B seafood supply chain platform that connects fishermen and aquaculture farmers directly with retailers and distributors.

Over 98% of its revenue now comes from international markets such as the United States, Europe, the Middle East and China. To support this expansion, Captain Fresh has established operations in hubs including Chicago, Paris, Dubai, Madrid and Oslo, and services nearly 500 to 1,000 wholesalers in the U.S.

In preparation for its IPO, Captain Fresh transitioned into a public company in July and inducted three independent directors, including Durgesh Kumar Singh, Anil Berera and Harita Gupta, to strengthen its governance framework.

The startup has raised more than $200 million to date, including a Rs 250 crore (about $30 million) pre-IPO round in January 2025 led by Prosus Ventures, Accel and Tiger Global, with participation from Swiggy co-founder Sriharsha Majety, Sona Comstar chairman Sunjay Kapur and India Equity Partners’ Sid Khanna.