Captain Fresh IPO: Business-to-Business Seafood Marketplace Files Pre-IPO Round, Eyes $400 Million Public Offering
Mumbai-based Captain Fresh, a business-to-business (B2B) seafood marketplace, is gearing up for a significant milestone in its growth journey. The company is expected to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) within the next three weeks, according to two people familiar with the matter.
As part of its IPO plans, Captain Fresh will launch a pre-IPO round, which is expected to be worth $50-75 million. The seed investors in the company are expected to sell part or full of their shares in this round, ahead of the planned $400 million IPO this fiscal.
Captain Fresh has appointed Axis Capital and Bank of America to manage the issue, and it is expected to file the IPO papers by mid-August. The company has already converted into a public entity earlier this month.
The planned filing is part of Captain Fresh’s broader push to access public markets in the current financial year. The company operates a farm-to-retail seafood supply chain, aiming to link small-scale fishermen and coastal farmers with fragmented retail demand across India.
Captain Fresh last raised about $48 million in a round led by Evolvence India and British International Investment, valuing the company at slightly over $500 million. Other investors include Motilal Oswal Wealth, Tiger Global Management, and Innoven Capital.
The company’s operating revenue rose to ₹1,395 crore in FY24 from ₹817 crore in FY23. Losses narrowed to ₹229 crore in FY24 from ₹294 crore the previous year, according to an Entrackr report.
Captain Fresh has a presence in international markets, including the US, Spain, and the West Asia. It competes with startups such as Waycool, Apnaklub, and FarMart.
The company’s IPO plans have been in the works for some time now. In December, Mint reported that Captain Fresh was in talks to raise a $50-100 million round in which some of its late-stage investors, including Accel and Prosus, were expected to infuse additional capital.
Captain Fresh was founded in 2019 by banker-turned-entrepreneur Utham Gowda. The Bengaluru-based company offers both a digital commerce platform and a physical fulfillment network for retailers across formats.
Why Captain Fresh’s IPO is significant
Captain Fresh’s IPO is significant for several reasons. Firstly, it marks a major milestone for the company, which has been growing rapidly in recent years. Secondly, the IPO provides an exit opportunity for the seed investors, who have been backing the company since its early days.
Thirdly, Captain Fresh’s IPO is significant for the Indian seafood industry, which has been growing rapidly in recent years. The company’s listing on the stock exchanges will provide a platform for investors to participate in the growth story of the Indian seafood industry.
Key takeaways
- Captain Fresh is expected to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) within the next three weeks.
- The company will launch a pre-IPO round, which is expected to be worth $50-75 million.
- Seed investors in Captain Fresh are expected to sell part or full of their shares in the pre-IPO round.
- Captain Fresh has appointed Axis Capital and Bank of America to manage the issue.
- The company is expected to file the IPO papers by mid-August.
Conclusion
Captain Fresh’s IPO plans are significant for the company, its investors, and the Indian seafood industry. The company’s growth story is an inspiring one, and its listing on the stock exchanges will provide a platform for investors to participate in the growth story of the Indian seafood industry.
