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

Global packaged seafood company, 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.