Seafood startup Captain Fresh files for $400 mn India IPO with Sebi

Captain Fresh has confidentially filed for a $400 million IPO in India, targeting a $1 billion-plus valuation as it expands its tech-driven seafood supply chain platform

B2B seafood startup Captain Fresh has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi), seeking to raise $350–400 million. The Tiger Global-backed company aims to expand its technology-driven supply chain platform in the $450 billion global seafood market.

 

The offering is expected to include about $200 million worth of new shares, which could value the company at over $1 billion, according to people familiar with the matter. The filing comes soon after Captain Fresh converted into a public limited entity.

 

Founded in 2020 by Utham Gowda, Captain Fresh has rapidly evolved into a multi-species, multi-origin seafood conglomerate. It is recognised for deploying technology to transform a traditionally fragmented sector.

 

 

Bengaluru-based Captain Fresh owns global brands such as CenSea and Ocean Garden in the US, Koral in Poland, and Senecrus in France. Its portfolio includes shrimp, salmon, tuna, cephalopods, crab and lobster.

 

The company projects a profitable bottomline this fiscal year, with revenues between $500 million and $550 million—a five-fold increase in two years. Over the next two years, it is targeting revenue of around $2 billion. 

 

Captain Fresh’s revenue from operations rose 71 per cent to ₹1,395 crore in FY24 from ₹817 crore in FY23. Net losses narrowed 22 per cent to ₹229 crore from ₹294 crore a year earlier.

 

In early 2025, the firm raised ₹100 crore from Motilal Oswal Group, likely as part of a pre-IPO funding round. Ahead of the listing, it strengthened its leadership team, appointing Mathew George as Group CFO, Jayant Prakash as vice-president of legal and compliance, and Rupali Gupta as Group CHRO.

 

More than 60 per cent of the company’s revenue comes from the US, with the rest from Europe, India, the UAE and other markets. Captain Fresh has over 400 employees, half of whom are based outside India.

 

Gowda has emphasised the company’s asset-light model as a differentiator. Unlike traditional players, Captain Fresh does not own factories, vessels or farms. Instead, it uses a technology-driven operating system that integrates these assets on a single platform. This allows it to monitor and influence key decisions at partner facilities, giving it control over critical aspects of production.

 

The company counts Accel, Prosus, Matrix Partners (Z47) and Tiger Global among its investors. It has raised $226 million in funding to date, according to Tracxn, and is currently valued at about $541 million.