Captain Fresh, a seafood supply chain firm based in India, plans to raise about US$200 million through a new funding round of shares in its upcoming IPO, according to regulatory filings seen by Entrackr.

The company is targeting a total issue size of US$350–400 million, which includes an offer for sale.

Captain Fresh recently converted to a public limited company and is preparing to file a draft red herring prospectus with the Securities and Exchange Board of India.

It aims to list its shares on both the BSE and NSE following regulatory approval.

Founded in 2020, Captain Fresh connects stakeholders across the seafood sector and has raised over US$200 million from investors such as Prosus, Accel, and Tiger Global.

In FY24, the company’s gross revenue rose 71% year-on-year to 1,400 crore rupee (US$168.7 million), while its net loss dropped 22% to 230 crore rupee (US$27.7 million).

🔗 Source: Entrackr

🧠 Food for thought

1️⃣ Indian seafood sector sees wave of public listings amid export boom

Captain Fresh’s IPO plans reflect broader momentum in India’s seafood industry, with multiple companies pursuing public listings simultaneously.

At least four other Indian seafood companies are also preparing IPOs, including Devi Seafoods targeting INR 900 crore and Sandhya Marines seeking INR 500-600 crore12.

This activity suggests strong sector fundamentals, supported by Indian seafood exports showing a 20.63% increase in quantity and 21.61% increase in dollar value2.

The timing aligns with projections that Indian shrimp exports could nearly double to USD 7 billion, indicating investor confidence in the sector’s growth trajectory1.

This wave of IPO activity represents a shift from previous years when seafood companies primarily relied on private funding, signaling the industry’s maturation and improved financial performance.

2️⃣ Global revenue strategy sets Captain Fresh apart from traditional exporters

Captain Fresh’s business model differs significantly from typical Indian seafood exporters through its international revenue concentration.