In a strategic move ahead of its planned public debut, Bengaluru-based B2B seafood supply chain major Captain Fresh is securing USD 5.3 million (~INR 45 crore) through non-convertible debentures (NCDs) from Lighthouse Canton and Stride Ventures, as part of its broader capital structuring exercise before filing its Draft Red Herring Prospectus (DRHP).
Debt Round to Precede IPO Filing
According to recent Registrar of Companies (RoC) filings, Captain Fresh’s board approved the issuance of 4,500 NCDs at a face value of INR 1,00,000 each, marking a significant debt raise as the company enters its pre-IPO phase. Of the total funding, INR 30 crore has already been secured from Lighthouse Canton, with the remaining amount expected shortly.
This capital infusion is timed ahead of the company’s planned DRHP submission, expected by mid-August 2025, as confirmed by multiple reports and industry insiders. The company officially transitioned into a public limited entity earlier this month, a move signaling its imminent entry into the capital markets.
Pre-IPO Fundraising Momentum
The debt raise complements a broader fundraising effort. Captain Fresh has already garnered approximately INR 250 crore in pre-IPO equity funding earlier this year. The round was led by existing backers including Prosus Ventures, Accel, and Tiger Global, and also saw participation from notable domestic investors such as Swiggy co-founder Sriharsha Majety, Sona Comstar chairman Sunjay Kapur, and India Equity Partners’ Sid Khanna.
The company is in talks for an additional USD 50-75 million (~INR 432 – 648 crore) pre-IPO round where some of the seed and early-stage investors will partially or fully exit. This is before the proposed USD 400 million (~INR 3,455 crore) IPO, which Captain Fresh plans to launch this fiscal.
Growth, Profitability, and Global Expansion
Founded in 2019 by Utham Gowda, a former banker turned entrepreneur, Captain Fresh has rapidly evolved into one of India’s most ambitious agritech exports. With a multi-species seafood supply chain, the company links small-scale Indian fisheries with global retail demand through both a digital platform and a physical fulfillment network.
Financials are looking good. For the fiscal year ended FY24, revenue grew 71% to INR 1,395 crore from INR 817 crore in FY23 and losses narrowed by 22% to INR 229 crore from INR 294 crore in the previous fiscal. The company claims to have achieved profitability for two consecutive quarters and is projecting FY25 revenue of USD 550 million (INR 4,620 crore).
More than 98% of the company’s revenue now comes from international markets, including the US, Europe, the Middle East and China. The firm has also set up operations across Chicago, Paris, Dubai, Madrid, Oslo, and other global hubs to support its expansion.
Institutional Muscle and Market Position
Captain Fresh’s investor list is a who’s who of global venture capital with stakes held by Matrix Partners, Tiger Global, Accel, Ankur Capital, Prosus Ventures and Motilal Oswal Wealth among others. According to market research, the total funding raised to date is USD 490 million (~INR 4,090 crore).
Axis Capital and Bank of America (BofA) have been appointed as lead bankers for the IPO, as the company looks to attract strong institutional interest. The IPO is expected to be filed by the end of 2025, subject to market conditions.
Looking Ahead
Captain Fresh is also using AI-driven logistics to streamline its supply chain and improve sustainability, aligning its sourcing with global standards. The company is looking at M&A opportunities in Europe and North America and developing premium product lines to expand its reach.
With a strong balance sheet, big-ticket investor backing and growing international presence, Captain Fresh is not just ready for an IPO but to be a long-term player in the global seafood supply chain. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.