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Captain Fresh withdraws DRHP, to refile after acquisition closure

Entrackr · 5d ago

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Global packaged seafood company Captain Fresh has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), according to information published by the markets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 Confirming the development, Captain Fresh said it has voluntarily withdrawn its pre-DRHP to facilitate the expedited closure of a contemplated material acquisition.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.