**Captain Fresh Set to File for IPO in Coming Weeks**
Captain Fresh, a B2B seafood marketplace, is gearing up to submit its draft red herring prospectus (DRHP) for an initial public offering (IPO) within the next three weeks, as reported by sources familiar with the situation. The company is anticipated to file its IPO documents by mid-August, followed by a pre-IPO funding round. Seed investors are expected to partially or fully exit in a funding round estimated between $50 million and $75 million.
This filing is part of Captain Fresh’s strategy to tap into public markets this financial year, aiming for a substantial $400 million IPO. The company transitioned to a public entity earlier this month and has enlisted Axis Capital and Bank of America to oversee the IPO process.
Founded in 2019 by Utham Gowda, a former banker, Captain Fresh operates a farm-to-retail seafood supply chain, connecting small-scale fishermen and coastal farmers with retail demand across India. The company provides both a digital commerce platform and a physical fulfillment network for various retail formats. Additionally, it has expanded its reach to international markets, including the US, Spain, and the Middle East, competing with startups like Waycool, Apnaklub, and FarMart.
In recent years, Captain Fresh has focused on reducing losses while scaling its operations. According to an Entrackr report, the company’s operating revenue surged to ₹1,395 crore in FY24, up from ₹817 crore in FY23, while losses decreased to ₹229 crore from ₹294 crore the previous year. The company has yet to release its audited results for FY25.
**FAQ**
**What is Captain Fresh’s business model?**
Captain Fresh operates a B2B seafood marketplace that connects small-scale fishermen and coastal farmers with retailers, offering a digital platform and physical fulfillment services.