Bengaluru-based B2B seafood supply chain startup Captain Fresh, which has reclassified itself as a public limited company under the name Infifresh Foods Limited, has filed confidential IPO papers with markets regulator SEBI as it gears up for a public listing.
According to sources, the company plans to raise ₹1,700 crore through a fresh issue of shares, of which it expects to garner around ₹1,200 crore, while the overall issue size, including an offer for sale (OFS) component, is pegged at about $400 million. The proceeds from the fresh issue will be used to repay debt, sources added.
Alongside the transition to a public company in July, Captain Fresh also inducted three independent directors to its board — Durgesh Kumar Singh, Anil Berara, and Harita Gupta. The move is part of efforts to strengthen its corporate governance framework, a key requirement for companies preparing to go public.
For FY25, the company reported ₹3,200 crore in revenue, ₹120 crore in EBITDA, and a net profit of ₹40 crore, reflecting robust operating performance as it heads towards the public markets, sources added. Over 98% of Captain Fresh’s revenue now comes from overseas markets such as the US, Europe, the Middle East and China. To support this expansion, the company has established operations in global hubs including Chicago, Paris, Dubai, Madrid, and Oslo.
Founded in 2019, Captain Fresh operates as a B2B seafood supply chain platform, linking fishermen and aquaculture farmers directly with retailers and distributors, with technology at the core of its model. Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January 2025 from investors such as Prosus, Accel, and Tiger Global. The Pre-IPO round also saw , and also saw participation from domestic investors such as Swiggy co-founder Sriharsha Majety, Sona Comstar chairman Sunjay Kapur, and India Equity Partners’ Sid Khanna.
