Bengaluru-based seafood supply chain startup Captain Fresh has entered a new phase in its journey. The company has rebranded itself as Infifresh Foods Ltd and is preparing for an initial public offering (IPO). The company plans to raise ₹1,700 crore (around $200 million) through a fresh issue of shares. Along with the fresh issue, the IPO will also include an offer-for-sale by existing investors. Together, the IPO aims to raise $350–400 million.
This move shows that Infifresh Foods is ready to step into the public market after building a strong presence in both India and international seafood trade.
Transformation into a Public Company
The company began as Captain Fresh in 2019 under founder Utham Gowda. It started with a simple goal: to connect seafood farmers and suppliers directly with businesses in India and abroad. Over the years, the company built a technology-driven supply chain that manages sourcing, quality checks, and delivery of seafood across many countries.
Now, the company has reclassified itself as a public limited company under the new name Infifresh Foods Ltd. This transformation signals that it wants to follow stricter regulations and higher standards of governance as it prepares to list on the stock market.
Structure of the IPO
Infifresh Foods plans to raise ₹1,700 crore through a fresh issue of shares. A fresh issue means the company will create new shares and sell them to investors in the IPO. Apart from this, the IPO will also include an offer-for-sale (OFS). In an OFS, some of the existing shareholders, such as early investors or founders, sell part of their holdings.
The combination of fresh issue and OFS will take the total IPO size to about $350–400 million. The company’s board of directors already approved this move through a special resolution earlier this month.
Use of IPO Funds
Infifresh Foods has clear plans for the money it will raise. A large portion of the IPO proceeds will go toward repaying debt. The company wants to reduce its financial liabilities so that it can improve its balance sheet and enter the public markets in a stronger position.
The management also aims to use the funds to expand operations, strengthen technology systems, and grow its international presence. By doing so, the company will not only reduce financial risk but also accelerate growth in key global markets.
Strong Governance Measures
To prepare for its life as a public company, Infifresh Foods has strengthened its governance structure. The company recently appointed three independent directors—Durgesh Kumar Singh, Anil Berara, and Harita Gupta. Independent directors bring outside expertise and ensure that the company runs transparently and responsibly.
These steps show that Infifresh Foods wants to build investor confidence and operate by global standards of corporate governance.
Business Model and Growth
The company operates an asset-light, technology-driven business model. It does not own farms, boats, or factories. Instead, it acts as a bridge between suppliers and buyers. Fishermen, aquaculture farmers, and seafood producers supply products to Infifresh. The company then uses technology to match these supplies with demand from wholesalers, retailers, and distributors.
This approach allows the company to focus on efficiency, scale, and quality without the heavy cost of owning physical assets. It deals in multiple species including shrimp, salmon, tuna, crab, and lobster. The platform provides real-time demand forecasts, pricing data, and logistics support, which helps reduce wastage and improves margins for both suppliers and buyers.
Financial Performance
Infifresh Foods has shown strong revenue growth in recent years. In the financial year 2023–24 (FY24), the company generated ₹1,395 crore in revenue, which represents a growth of about 70 percent compared to ₹817 crore in FY23.
At the same time, the company also managed to reduce its net loss. In FY23, it reported a loss of ₹294 crore, but in FY24, the loss came down to ₹229 crore. This improvement shows that while the company is still in investment mode, it is moving toward profitability.
The growth in revenue combined with reduced losses paints a positive picture for investors ahead of the IPO.
Funding History
Infifresh Foods has raised more than $200 million in funding from well-known global investors. Some of its key backers include Tiger Global, Accel, and Prosus Ventures.
In January 2025, the company raised a ₹250 crore pre-IPO round. Several prominent investors took part in this round, including the family office of Swiggy’s co-founder Sriharsha Majety, entrepreneur Sunjay Kapur’s family office, and industry veteran Sid Khanna of India Equity Partners.
These investments highlight the strong trust global investors place in the company’s future.
Global Expansion and Revenue Sources
Infifresh Foods has expanded its reach far beyond India. Today, more than 98 percent of its revenue comes from international markets. The company has established operations in several global hubs including Chicago, Paris, Dubai, Madrid, and Oslo.
In the United States, Infifresh serves hundreds of wholesalers, creating a wide distribution network for its seafood. The company has also built strong relationships in Europe, the Middle East, and China. By diversifying its presence across regions, the company reduces risk and ensures that it can serve demand wherever it arises.
Future Vision
Infifresh Foods has set ambitious goals for the future. For the financial year 2024–25 (FY25), the company expects to generate $500–550 million in revenue. This figure represents a fivefold jump in just two years.
Looking further ahead, the company aims to cross $2 billion in revenue within the next two years. To achieve this, it plans to scale operations, improve technology-driven supply chain management, and capture more demand in international markets.
With these targets, Infifresh Foods wants to cement its position as a global leader in the seafood supply chain sector.
Investor Confidence and Market Valuation
The company expects to achieve a valuation of over $1 billion through its IPO. The growth in revenue, improving financials, strong international presence, and asset-light business model give it a strong case for such a valuation.
Investors already trust the company due to its proven track record and support from globally known venture capital firms. The upcoming IPO will give public investors a chance to join this growth story.
Why Infifresh Foods Matters
Infifresh Foods represents a new kind of Indian startup—one that blends technology, global ambition, and efficiency in a traditional industry like seafood. By adopting a modern supply chain model, it has created value for fishermen, farmers, wholesalers, and end consumers.
The company shows how Indian startups can build global businesses that compete with established international players. Its IPO also adds momentum to India’s growing startup ecosystem, where more tech-driven firms are entering the public market.
Conclusion
Infifresh Foods, formerly known as Captain Fresh, has transformed itself from a local seafood startup into a global supply chain powerhouse. It has achieved rapid revenue growth, reduced losses, expanded worldwide, and strengthened governance.
Now, with plans to raise up to $400 million through its IPO, the company is ready to take the next step in its journey. If it continues to deliver on growth targets and expand its global reach, Infifresh Foods could become one of India’s most successful startup stories on the public market.
Its journey proves that with technology, vision, and execution, even traditional sectors like seafood can create billion-dollar companies.
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