Seafood startup Captain Fresh confidentially files for $350-400 mn IPO

BENGALURU: Business-to-business (B2B) packaged seafood company startup Captain Fresh has confidentially filed draft papers with the Securities and Exchange Board of India on August 12 for an initial public offering (IPO), according to people aware of the matter.

The total offer size is expected to be in the range of $350-400 million, they said. Of this, about $300 million will be a fresh issue of shares, while the remainder will be an offer for sale through which some early-stage investors plan to exit. The IPO is likely to value the company at over $1 billion, the people added.

Captain Fresh is backed by global investors including Prosus, Accel, Tiger Global Management, British International Investment and SBI Investment, alongside several family offices and angels. Its most recent funding rounds in late 2024 and early 2025 placed the company’s valuation in the range of $500-540 million, according to data sourced from Tracxn.

One of the sources said the company is simultaneously in talks to raise capital from global investors. “This will slightly alter the cap table structure and that is why they opted to file confidentially first,” the person said.

Founder and CEO Utham Gowda declined to comment on the development.


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