Indian media outlets are reporting that Karnataka, India-based digital seafood marketplace Captain Fresh has filed confidential regulatory documents with the Securities and Exchange Board of India, indicating that it is preparing a fresh share issuance worth between USD 200 million (EUR 172 million) and USD 300 million (EUR 257 million).
The company, which recently reclassified as a public limited company under the brand Infifresh Foods Limited, is apparently gearing up for a public listing. As part of that process, it reportedly assigned three independent directors: Durgesh Kumar Singh, Anil Berera, and Harita Gupta.
The Times of India, which cited confidential informants versed in the matter, said that the total offer size is likely in the range of USD 350 million (EUR 300 million) to USD 400 million (EUR 343 million), about USD 300 million of which will stem from issues of fresh shares. IndianStartupNews said that the fresh share issue revenue will go toward repaying debt.
Informants told the Times of India that they believed the IPO would likely value the company at over USD 1 billion (EUR 856 million).
In October 2024, Captain Fresh was reportedly preparing for an IPO valued at USD 400 million (EUR 343 million).
Captain Fresh has grown rapidly since its founding in 2019, becoming a global e-commerce platform for seafood producers and retailers.
In 2024, the company acquired Central SeaWay Company (CenSea), the largest shrimp importer to the U.S., and Koral, a Polish smoked salmon firm.
When discussing previous acquisitions, CEO Utham Gowda has said that the company’s mission is “to become the leading tech-enabled, multi-species, multi-origin global seafood conglomerate.”
Nine previous funding rounds for the firm raised USD 166 million (EUR 142 million) from 39 investors, including Prosus, Tiger Global Management, British International Investment, Ankur Capital, and Accel.
