Captain Fresh to file IPO papers by mid-August, launch $50–75 million pre-IPO round
'The company is expected to file the IPO papers by mid August and will subsequently launch its pre-IPO round," one of the two people said, adding that the seed investors are expected to sell in part or full in a $50-75 million round.
The planned filing is part of the company's broader push to access public markets in the current financial year through a $400 million IPO. It converted into a public entity earlier this month and has appointed Axis Capital and Bank of America to manage the issue.
Seed investors in Captain Fresh include Ankur Capital, ADB Ventures, Z47, Incubate Fund India and Hoskoppal Ventures, according to data from Tracxn. Captain Fresh and the investors did not immediately respond to Mint's requests for comment.
In December, Mint reported that the company 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 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.
Founded in 2019 by banker-turned-entrepreneur Utham Gowda, the Bengaluru-based company operates a farm-to-retail seafood supply chain, aiming to link small-scale fishermen and coastal farmers with fragmented retail demand across India.
It offers both a digital commerce platform and a physical fulfilment network for retailers across formats. The company also has a presence in international markets, including the US, Spain, and the West Asia. It competes with startups such as Waycool, Apnaklub, and FarMart.
Over the past two years, Captain Fresh has focused on narrowing losses while scaling operations. Its 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. The company is yet to file its FY25 audited results.
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