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Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO

EntrackrEntrackr · 6m ago
Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO
Medial

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO B2B seafood supply chain startup Captain Fresh is set to raise Rs 1,700 crore (about $200 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). The Tiger Global-backed company is reportedly eyeing a total issue size of $350-400 million, including an offer for sale (OFS). According to regulatory filings accessed by Entrackr, the company’s board approved a special resolution earlier this month to issue equity shares worth up to Rs 1,700 crore in a fresh issue. The move comes close on the heels of its transition into a public limited company, which Entrackr had exclusively reported in July. The filings further indicate that Captain Fresh is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company’s shares will be listed on both the BSE and NSE following regulatory approvals. Captain Fresh declined to comment on the story. Founded in 2020 by Utham Gowda, Captain Fresh is a multi-species, multi-geography seafood company that orchestrates transactions among various stakeholders in the seafood ecosystem. According to the 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 from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22% to Rs 229 crore in the same period.

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Exclusive: Captain Fresh to raise Rs 120 Cr in equity round led by founder

EntrackrEntrackr · 20h ago
Exclusive: Captain Fresh to raise Rs 120 Cr in equity round led by founder
Medial

Exclusive: Captain Fresh to raise Rs 120 Cr in equity round led by founder Soon after withdrawing its draft papers for an initial public offering (IPO) to close an acquisition, global packaged seafood company Captain Fresh is raising Rs 120 crore (around $13.3 million) in an equity round led by its founder and CEO, Utham Gowda, two sources aware of the development told Entrackr. “The fresh capital infusion is aimed at increasing the promoter’s stake in the company, with Gowda investing a significant portion of the round through personal funds,” said one of the sources requesting anonymity. Gowda, who currently holds around 17% stake in the company, will see his shareholding rise to nearly 19% following the investment, as per sources. “Gowda will invest around Rs 100 crore through his entity Tigerlily Properties, while the remaining capital will be infused by investors, including Avanti Feeds, Veer Growth Fund, and others,” said the second source who also requested anonymity as discussions are private. The development also comes shortly after the Bengaluru-based company secured Rs 290 crore in sustainability-linked financing from global impact investor Blue Earth Capital. Founded in 2020 by 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. The company was earlier planning to raise Rs 1,700 crore through a fresh issue as part of its IPO, which Entrackr had reported exclusively. Ahead of the planned listing, Captain Fresh had also secured Rs 250 crore in pre-IPO funding led by existing investors Prosus Ventures, Accel, and Tiger Global. However, Captain Fresh recently withdrew its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI). The company clarified that its original IPO roadmap remains unchanged and that it will proceed with a fresh filing after completing an ongoing acquisition. For the fiscal year ended March 2025, Captain Fresh reported a 145% jump in gross merchandise value (GMV) to Rs 3,421 crore, led by recent acquisitions including US-based seafood importer CenSea, France-based Senecrus, and Poland-based salmon company Koral.

Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr · 7m ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Fresh’s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50–75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the 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 from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

Exclusive: Incred to raise Rs 1,500 Cr via fresh issue in IPO

EntrackrEntrackr · 5m ago
Exclusive: Incred to raise Rs 1,500 Cr via fresh issue in IPO
Medial

**Exclusive: Incred to raise Rs 1,500 Cr via fresh issue in IPO** InCred Holdings is preparing for an IPO with a total issue size pegged at $460-560 million. As part of the offer, the fintech firm is set to raise Rs 1,500 crore (around $172 million) via a fresh issue of shares. According to the internal documents reviewed by Entrackr, the company’s board will approve a resolution to issue equity shares worth up to Rs 1,500 crore in a fresh issue. The firm is also planning to raise Rs 300 crore through a pre-IPO placement, which will be counted as part of the fresh issue. The documents further indicate that InCred Holdings is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company’s shares will be listed on both the BSE and NSE following regulatory approvals. Founded by Bhupinder Singh, InCred operates as a tech-first non-banking financial company (NBFC), focusing on consumer, SME, and education lending. The group claims to leverage proprietary risk analytics, data science, and digital-first operations to serve retail and MSME borrowers across India. The InCred Group operates three entities: InCred Finance, InCred Capital, and InCred Money. InCred Finance has raised over $370 million to date, including $60 million in its Series D round, which also marked its entry into the unicorn club. Meanwhile, InCred Capital, which oversees wealth and asset management, M&A advisory, capital markets, equity research, and broking, secured $50 million in funding, led by a clutch of family offices. On the financial side, InCred Finance has reported a 47% year-on-year increase in its revenue to Rs 1,872 crore in FY25 from Rs 1,270 crore in FY24. At the same time, the profits of the firm grew 18% to Rs 374 crore. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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

EntrackrEntrackr · 8m 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.

IPO-bound Captain Fresh to secure debt from Trifecta

EntrackrEntrackr · 10m ago
IPO-bound Captain Fresh to secure debt from Trifecta
Medial

Captain Fresh is set to raise Rs 30 crore in debt funding from Trifecta Ventures ahead of its public listing. The company will issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for the aforementioned sum, according to its regulatory filings sourced from the Registrar of Companies (RoC). Captain Fresh operates a farm-to-retail platform for animal protein, primarily dealing in fish, seafood, and sheep. It sources directly from farmers and agents, catering to B2B, B2R, and B2B2C segments. This debt infusion comes on the heels of its Rs 250 crore (around $30 million) raise in an ongoing pre-IPO funding round. Financially, Captain Fresh reported a 71% jump in gross revenue (GMV) to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also narrowed its net loss by 22% to Rs 229 crore during the same period. Captain Fresh is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each

EntrackrEntrackr · 7m ago
Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each
Medial

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each Logistics startup Shadowfax is set to raise Rs 2,000 crore (around $235 million) through its upcoming IPO, as per its RoC filing. The public offering will include a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 1,000 crore. Logistics startup Shadowfax is set to raise Rs 2,000 crore ($235 million) through its upcoming initial public offering (IPO), according to its filing with the Registrar of Companies (RoC). The IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of shares worth Rs 1,000 crore. ICICI Securities, JM Financial, and Morgan Stanley are acting as advisors to the public issue. This development comes after the company recently filed its draft red herring prospectus (DRHP) with SEBI via the confidential route. The Flipkart-backed company has also strengthened its board with the appointment of co-founders Gaurav Jaithlia as whole-time directors. Additionally, in line with regulatory requirements, the company has also appointed Bijou Kurien, Ruchira Shukla, Pirojshaw Sarkari, and Dinkar Gupta as independent directors. Shadowfax is reportedly aiming for a post-issue valuation of Rs 8,500 crore. The company is currently valued at around Rs 5,981 crore (approximately $712 million) following a $16.8 million investment from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Bengaluru-based Shadowfax offers last-mile delivery services with a focus on e-commerce and hyperlocal logistics. The company claims to have a network of over 1.25 lakh monthly active delivery partners catering to segments such as grocery, food, and medicine delivery. According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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