Seafood Startup Captain Fresh Charts $1 Billion IPO Voyage
- Captain Fresh has confidentially filed for an IPO with SEBI, aiming to raise $350-400 million, which could value it at over $1 billion.
- The Bengaluru-based seafood startup projects FY25 revenue of $500-550 million and targets $2 billion in the next two years.
- Backed by Tiger Global, Accel, and Prosus, the company follows an asset-light, tech-driven model and earns over 60% of revenue from the US.
Bengaluru-based seafood startup Captain Fresh has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). The Tiger Global-backed company is looking to raise $350-400 million to expand its global technology-driven seafood supply chain platform.
The IPO is expected to include around $200 million worth of fresh shares, which could value the company at over $1 billion, according to people aware of the matter. The filing comes shortly after Captain Fresh converted into a public limited entity, marking another step toward its market debut.
Founded in 2020 by Utham Gowda, Captain Fresh has grown into a multi-species, multi-origin seafood brand. It uses technology to streamline what has long been a fragmented sector. The company operates international brands such as CenSea and Ocean Garden in the US, Koral in Poland, and Senecrus in France. Its portfolio includes shrimp, salmon, tuna, crab, lobster, and other seafood products.
The startup projects a profitable bottomline in FY25, with revenues between $500–550 million, a five-fold jump in just two years. Over the next two years, it is aiming for revenues of around $2 billion. In FY24, its revenue from operations grew 71% to Rs 1,395 crore, up from Rs 817 crore in FY23, while net losses narrowed 22% to Rs 229 crore.
Earlier this year, Captain Fresh raised Rs 100 crore from Motilal Oswal Group, likely as part of a pre-IPO funding round. It also bolstered its leadership team, appointing Mathew George as Group CFO, Jayant Prakash as VP of legal and compliance, and Rupali Gupta as Group CHRO.
Currently, more than 60% of the company’s revenue comes from the US, with the rest from Europe, India, the UAE, and other markets. It employs over 400 people worldwide, with half based outside India.
A key differentiator for Captain Fresh is its asset-light model. Unlike traditional seafood players, it does not own farms, factories, or vessels. Instead, it integrates them into a technology-led platform, allowing better monitoring and decision-making at partner facilities.
The company is backed by leading investors including Accel, Prosus, Matrix Partners, and Tiger Global. To date, it has raised $226 million in funding and is currently valued at about $541 million, according to Tracxn.
