Meat and seafood startup Captain Fresh has officially transitioned into a public limited company, signaling a key step in its journey toward an initial public offering (IPO).
In a recent filing with the Ministry of Corporate Affairs (MCA), the company revealed that its board approved the conversion during a meeting held on June 14, 2025. The resolution included removing the restrictions under Section 2(68) of the Companies Act, 2013, and changing the company name from Infifresh Foods Private Limited to Infifresh Foods Limited, dropping “Private” from the title.
This conversion is a mandatory requirement for companies aiming to list on Indian stock exchanges.
The development comes shortly after the appointment of three independent directors — Durgesh Kumar Singh, Anil Berera, and Harita Gupta — to the board, further solidifying the company’s readiness to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Captain Fresh now joins a growing list of Indian startups like Lenskart, Meesho, PhonePe, Amagi, Kissht, and Nopaperforms, which have all taken similar steps as they prepare to go public.
The company is reportedly planning to raise $350–$400 million through its IPO, expected to launch by the end of 2025. Sources suggest that Captain Fresh is targeting a valuation of over $1 billion, a significant leap from its last known valuation of $526 million. It is said to have roped in Axis Capital and Bank of America (BofA) as lead bankers for the offering.
Earlier this year, the startup also raised INR 27.3 crore from Centrum Wealth Limited and other investors to support capital expenditure and business expansion in the lead-up to the IPO.
Founded in 2020 by Utham Gowda, Captain Fresh operates a B2B marketplace that supplies meat and seafood to sellers across India and international markets such as the Middle East, Indonesia, Vietnam, the Philippines, Europe, and the United States.
In a January interview, Gowda stated that 98% of the company’s demand now comes from outside India, and projected that Captain Fresh would close FY25 with revenue between $525 million and $550 million.
The company is also eyeing a foray into the B2C segment in international markets, though specific details and timelines remain undisclosed.
While FY25 financials are pending, Captain Fresh reported a 70% year-on-year (YoY) increase in revenue to INR 1,395 crore in FY24, alongside a 29% YoY reduction in net losses, bringing losses down to INR 229 crore.
