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Captain Fresh withdraws DRHP, to refile after acquisition closure

EntrackrEntrackr · 6d ago
Captain Fresh withdraws DRHP, to refile after acquisition closure
Medial

Global packaged seafood company Captain Fresh has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), according to information published by the markets regulator. The Bengaluru-based company was planning to raise Rs 1,700 crore through a fresh issue as part of its initial public offering (IPO). Ahead of the listing, Captain Fresh had secured Rs 250 crore in pre-IPO funding led by existing investors Prosus Ventures, Accel, 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. Confirming the development, Captain Fresh said it has voluntarily withdrawn its pre-DRHP to facilitate the expedited closure of a contemplated material acquisition. The company added that it has secured all necessary regulatory approvals for the transaction and is currently executing final deal-related activities, which are expected to significantly enhance its global market position. Despite the withdrawal, Captain Fresh clarified that its original IPO roadmap remains unimpacted. The company said it remains committed to its listing timelines and will proceed with a fresh filing once the transaction is closed. It also highlighted its improving financial performance, noting that the Captain Fresh group has substantially surpassed its previous full-year EBITDA and profit after tax in the first six months of FY26, reflecting expanding margins 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 spanning India, the Middle East, Europe, and the US. In FY25, the company reported a 145% jump in GMV to Rs 3,421 crore, led largely by recent acquisitions, including US-based seafood importer CenSea, France-based Senecrus, and Poland-based salmon company Koral. According to startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year. Its investor base includes Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus.

Exclusive: Tiger Global-backed Captain Fresh converts into public entity

EntrackrEntrackr · 6m ago
Exclusive: Tiger Global-backed Captain Fresh converts into public entity
Medial

B2B seafood marketplace Captain Fresh is gearing up for a listing on the Indian stock exchanges after transitioning into a public limited entity. The board of Captain Fresh has approved a resolution to change its status to a public company and rename it from "Infifresh Foods Private Limited" to "Infifresh Foods Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC). This development comes just a few months after the company appointed Durgesh Kumar Singh, Anil Berara, and Harita Gupta as independent directors, a separate filing shows. Captain Fresh is reportedly planning to raise $350–400 million at a valuation of over $1 billion through its initial public offering (IPO), comprising both a fresh issue of equity shares and an offer for sale (OFS). The company has also roped in Axis Capital and Bank of America (BofA) as its bankers. Founded in 2019 by Utham Gowda, Captain Fresh is a B2B seafood marketplace offering a farm-to-retail platform for animal protein, including fish, seafood, and sheep. The startup sources directly from agents and farmers, supplying across B2B, B2R, and B2B2C channels. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including its $30 million pre-IPO round raised in January this year from Prosus, Accel, Tiger Global, and others. Captain Fresh’s gross revenue (GMV) grew 71% to Rs 1,395 crore in FY24, up from Rs 817 crore in FY23. The company also trimmed its net loss by 22%, bringing it down to Rs 229 crore during the last fiscal.

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