Ahead Of IPO, Captain Fresh Converts Into A Public Entity

Meat and seafood startup Captain Fresh has converted into a public company, marking a major step in preparation for its initial public offering (IPO).

In a filing with the Ministry of Corporate Affairs (MCA), the company disclosed that its board, during a meeting held on June 14, 2025, approved a resolution to convert from a private limited entity into a public limited company, a mandatory step for firms looking to list on Indian stock exchanges.

“…the conversion of the Company from a private limited company into a public limited company and removal of restrictions under Section 2(68) of the Companies Act, 2013, as amended is hereby approved and consequently the name of the Company be and is hereby changed from “Infifresh Foods Private Limited” to “Infifresh Foods Limited” by deletion of the word “Private” from the name of the Company,” the filing read.

The move follows the appointment of three new independent directors, Durgesh Kumar Singh, Anil Berera, and Harita Gupta, to Captain Fresh’s board, as the startup gears up to file its draft red herring prospectus (DRHP) with the markets regulator SEBI.

With this latest development, Captain Fresh joins the growing list of startups, including Nopaperforms, Lenskart, Kissht, Amagi, Meesho, and PhonePe, that have converted into public entities ahead of their IPO plans.

Captain Fresh is expected to raise between $350 Mn and $400 Mn through its public issue, which is likely to hit the market by the end of the year.

The company is reportedly eyeing a valuation of over $1 Bn for its IPO, which is a 90% jump from its last known valuation of $526 Mn. It is said to have picked up Axis Capital and Bank of America (BofA) as bankers for its planned initial public offering (IPO) next year.

Earlier this year, Captain Fresh also secured INR 27.3 Cr in funding from Centrum Wealth Limited and others to support its capital expenditure and business expansion plans ahead of the IPO.

Founded in 2020 by Utham Gowda, Captain Fresh operates as a B2B marketplace supplying meat and seafood to sellers across India and international markets including the Middle East, Indonesia, Vietnam, the Philippines, Europe, and the US.

The founder had told Inc42 in January that 98% of the company’s demand comes from outside India, adding that the startup was on track to post a topline of $525 to 550 Mn in FY25.

Captain Fresh is also preparing to foray into the B2C segment in international markets, although it hasn’t disclosed a timeline for the move.

While the company is yet to reveal its FY25 financials, it reported a 70% year-on-year rise in revenue to INR 1,395 Cr in FY24and reduced its net loss by 29% YoY to INR 229 Cr.

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