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Tag: Captain Fresh IPO

  • Captain Fresh Files Confidential Papers for $400 Million IPO in India

    According to various media reports, Captain Fresh, a B2B seafood firm, has pre-filed its DRHP for a $400 million (about INR 3,400 crore) IPO through the secret route. As per reports, the IPO will include an offer for sale of $150 million to $200 million (about INR 1,300 crore to INR 1,700 crore) and a new issue of $200 million.

    CNBC TV18 was the first to report the news. Captain Fresh made money in FY25 before submitting the private IPO documents. According to the sources, the firm made INR 40 Cr in net profit throughout the year on INR 3,200 Cr in revenue.

    FY25 Financial Performance

    In FY25, EBITDA was INR 120 Cr. In FY24, it reported INR 1,395 Cr in revenue and INR 229 Cr in loss. Captain Fresh is a tech-led fish supply chain platform that was founded in 2020 by Utham Gowda. In addition to foreign markets like the US, the Middle East, and Europe, it offers its products in India.

    Pre-IPO Funding and Investors

    Gowda stated earlier this year that the business planned to go public by the end of 2025. In June of this year, Captain Fresh became a public company as part of its preparations for a public offering.

    Earlier this year, Captain Fresh raised INR 250 Cr in a pre-IPO investment round from investors including India Equity Partners chairman Sid Khanna, Swiggy founder Sriharsha Majety, and Prosus Ventures, Accel, and Tiger Global Management.

    Global Expansion and Risks

    Gowda told a media outlet in January that the US accounts for about 60% of Captain Fresh’s demand, with Europe coming in second.  Just 2-3% of its products are supplied to India, while fewer than 5% are supplied to the Middle East. Given that Washington has placed a 25% tariff on Indian exports and plans to slap an extra 25% duty later this month, this strong reliance on the US may provide difficulties in the near future. In the US, the startup provides services to between 500 and 1,000 distributors.

    IPO Utilization Plans

    The IPO would support inorganic expansion through acquisitions in the US and Europe, where Captain Fresh has already acquired seafood brands, Gowda told a media outlet.

    Although it is primarily B2B at the moment, he also alluded to potential B2C growth in affluent Western markets if supply chain efficiencies are solidified.

    In contrast, the firm recorded operating revenue of INR 1,395 Cr in FY24, which was 71% higher than the INR 817 Cr the year before. In the meantime, its net loss decreased from INR 294 Cr in FY23 to INR 229 Cr.

    Quick
    Shots

    •Captain Fresh, B2B seafood startup,
    has confidentially pre-filed DRHP for a $400 million.

    •Primarily B2B, but exploring B2C
    opportunities in Western markets.

    •US contributes around 60% of demand,
    followed by Europe.

    •Services 500–1,000 US distributors.

  • Captain Fresh Selects BofA and Axis Capital to Serve as Bankers for the $400 Million Public Offering

    According to various media reports, Captain Fresh, a business-to-business seafood company, has chosen Axis Capital and BofA to serve as its bankers for its anticipated initial public offering (IPO) in 2025. The company’s initial public offering (IPO) aims to raise $350–400 million, of which about half will come from new shares and the other half from the offer for sale (OFS) component.

    Captain Fresh is considering a valuation of between $1.3 and $1.5 billion for its public market debut. In addition to helping businesses buy fresh produce, the company also helps them with processing and distribution. It also engages in the fish and seafood sector. Established in 2019 by Utham Gowda, the company has raised more than $160 million from a number of investors, including Accel, Tiger Global, Prosus, and SBI Investment.

    The Company is Yet to Decide on Additional Bankers

    The most likely bankers are Axis Capital and BofA, but Captain Fresh will include one or two more in its final IPO syndicate. The final names will be determined over the next few weeks as the corporation continues to debate whether it wants two international and one domestic banker or two international and two local ones.

    At least eight or nine lenders have contacted Captain Fresh in the last month or so, and it’s probable that the final one or two names will be one of them. The filing is anticipated in the first half of 2025, and the formal work will start soon. If all goes according to plan, the company will list on the exchanges in the second half of 2025.

    Fundraising prior to an IPO

    The business is getting ready to raise capital in a pre-IPO transaction even as it gets ready to list the following year. Accel, an existing investor, is leading the company’s efforts to raise $50–60 million in a new round. The round will likely be priced by Accel, but other current investors like Tiger, BII, and Prosus will also take part. 

    Although talks are still in progress, Captain Fresh is anticipated to be valued at over $800 million in the next round, a significant increase from the $500 million it was originally valued at due to its robust profit profile and company expansion. The company’s history of successful acquisitions supports its position as well.

    In an effort to strengthen its hold on the fish and other allied meat markets, the company has purchased at least three foreign seafood businesses. Illinois-based CenSea, Poland’s Koral, and Indonesia’s Fishlog, according to information from private markets data source Tracxn. Captain Fresh’s pre-IPO round size will be significantly larger than the $50–60 million it is raising in this round. It will be spread out over three to four rounds, with outside investors joining later.

    BlueStone Names Axis, IIFL, Kotak for Upcoming IPO
    BlueStone has names Axis, IIFL, and Kotak to assist with its planned $250M IPO by Q2 2025. The new-age jeweller aims for a $1-1.5B valuation in its first public offering.
    StartupTalkyNitin Konde