Captain Fresh Becomes a Public Entity in Preparation for IPO

Captain Fresh, a startup focused on meat and seafood, has transitioned into a public company, signifying significant progress in its preparations for an initial public offering (IPO).

Established in 2020 by Utham Gowda, Captain Fresh functions as a B2B marketplace providing meat and seafood to vendors throughout India and international markets such as the Middle East, Indonesia, Vietnam, the Philippines, Europe, and the US.

The company revealed in a submission to the Ministry of Corporate Affairs (MCA) that its board had sanctioned a resolution during a meeting on June 14, 2025, to change from a private limited entity to a public limited company—an obligatory move for companies intending to list on Indian stock exchanges.

“…the Company is approved to convert from a private limited company to a public limited company and to remove restrictions under Section 2(68) of the Companies Act, 2013, as amended. Consequently, the Company’s name is changed from “Infifresh Foods Private Limited” to “Infifresh Foods Limited” by deleting the word “Private” from its name,” the filing read.

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This action comes in the wake of Captain Fresh’s board gaining three new independent directors—Durgesh Kumar Singh, Anil Berera, and Harita Gupta—as the startup prepares to submit its draft red herring prospectus (DRHP) to the markets regulator SEBI.

This latest development sees Captain Fresh joining the ranks of startups such as Nopaperforms, Lenskart, Kissht, Amagi, Meesho, and PhonePe that have become public entities in anticipation of their IPO plans.

Captain Fresh anticipates raising $350 Mn to $400 Mn through its public offering, which is expected to enter the market by year-end.

Reportedly, the company is targeting a valuation exceeding $1 billion for its IPO, representing a 90% increase from its previous known valuation of $526 million.  Reports suggest that it has selected Axis Capital and Bank of America (BofA) as the bankers for its anticipated initial public offering (IPO) next year.

Earlier this year, Captain Fresh obtained funding amounting to INR 27.3 Cr from Centrum Wealth Limited and other sources to aid its capital expenditures and business growth plans in preparation for the IPO.

In January, the founder informed media that 98% of the company’s demand originates from outside India and mentioned that the startup was on course to achieve a topline of $525 to 550 million in FY25.

Captain Fresh is gearing up to enter the B2C segment in international markets, though it has not revealed a timeline for this initiative.

The company has not yet disclosed its FY25 financials, but it reported a 70% YoY revenue increase to INR 1,395 Cr in FY24 and reduced its net loss by 29% YoY to INR 229 Cr.