According to people in the know, the Bengaluru-based startup is in the process of closing the acquisition of Spain-based, family-owned tuna producer Frime, and the transaction includes a stock-swap component.
“Pending the closure of the transaction, Captain Fresh could not submit a final cap table to Sebi, which was close to approving the confidential filing,” one of the persons claimed. “Therefore, the company has withdrawn the papers and will refile again after finalising its January-March quarter numbers,” the person added, saying that the company will now make a public filing.
Captain Fresh was looking to raise Rs 1,700 crore in fresh capital from its IPO, and it had picked up Rs 250 crore in pre-IPO funding in a round led by existing investors Prosus Ventures, Accel, and Tiger Global Management. The round also saw participation from the family office of Swiggy cofounder Sriharsha Majety, India Equity Partners’ chairman Sid Khanna, and the late Sunjay Kapur of Sona Comstar, among others.
IPO papers to be filed afresh
In a statement, Captain Fresh said, “We have voluntarily withdrawn our pre draft red herring prospectus (PDRHP) filed with Sebi to facilitate the expedited closure of a contemplated material acquisition.”
The statement added, “We have secured all necessary regulatory approvals for the acquisition and are executing final transaction activities that will significantly enhance our global market position.”
The company said that despite the withdrawal, its original timeline for going public remained unimpacted. “Captain Fresh is committed to its original listing timelines and will proceed with a fresh filing upon transaction closure,” the statement said. It added that in the first six months of fiscal year 2026, the Captain Fresh group has surpassed its previous full-year Ebitda and post-tax profit.
The development was first reported by online news publication Inc42.
Tech-led B2B model
Founded in 2020 by Utham Gowda, Captain Fresh is a tech-led supply chain platform for packaged seafood.
The startup operates in a B2B model and ships items across India and international markets, including the Middle East, Europe, and the US. The company is also backed by the likes of Z47 (formerly Matrix Partners India) and Andhra Pradesh-based shrimp producer Nekkanti Sea Foods.
In fiscal year 2025, the company reported a 145% jump in operating revenue to Rs 3,421 crore, fuelled by acquisitions it made over the last 12-18 months.
This includes contributions from CenSea Inc, a US-based frozen fish and seafood importer and distributor, which it bought in February 2024. CenSea is one of the biggest seafood importers in the US, and gave Captain Fresh a significant revenue bump from the US market.
The company also acquired French frozen seafood producer Senecrus and Poland-based salmon company Koral last year.