Captain Fresh, an India-based seafood supply chain firm, is preparing to raise about US$200 million through a fresh share issue in its upcoming IPO, according to regulatory filings.
The company is targeting a total issue size of US$350–400 million, which will also include an offer for sale. Captain Fresh has recently converted to a public limited company and is expected to file a Draft Red Herring Prospectus (DRHP) with SEBI, with plans to list on both BSE and NSE. Founded in 2020, the company has already raised over US$200 million from investors including Prosus, Accel, and Tiger Global.
Key Highlights
Its FY24 financials show strong momentum, with gross revenue rising 71 percent YoY to Rs. 1,400 crore (US$168.7 million) and net losses narrowing by 22 percent to Rs. 230 crore (US$27.7 million).
Captain Fresh’s IPO comes amid a wave of activity in India’s seafood sector, with at least four other players, including Devi Seafoods (Rs. 900 crore) and Sandhya Marines (Rs. 500–600 crore), preparing their own listings. The industry is buoyed by strong export growth, with Indian seafood exports rising 20.63 percent in quantity and 21.61 percent in value last year.
Also Read: India's IPO Boom Driven by Local Investors and Resilience
What differentiates Captain Fresh is its international-first strategy: over 98 percent of its Rs. 3,200 crore revenue comes from overseas markets such as the US, Europe, and the Middle East.
Unlike traditional Indian exporters focused on domestic processing for export, Captain Fresh operates as a tech-enabled B2B supply chain platform, directly connecting global seafood stakeholders across cities like Chicago, Paris, Dubai, and Madrid. This unique model, along with a strong funding track record, positions it as a disruptive force in India’s seafood industry.
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