As Bengaluru-based B2B seafood startup Captain Fresh is all set to go public by the end of this year, founder and CEO Utham Gowda believes could mean breaking into the highly commoditised consumer market in Western markets in the near future, as well as shoring up supply chain further for global operations.

The company, currently valued at $500 Mn, is also looking to raise up to $100 Mn in a pre-IPO round amid increasing interest in domestic and international investors. It has so far mopped up nearly $17 Mn from a clutch of investors such as Motilal Oswal Alternates and Venture Soul Partners for this pre-IPO infusion.

According to Gowda, the company plans to use the fresh capital to fund growth and expansion ahead of the potential $300 Mn-$400 Mn public offer. And although he refused to share details on the valuation, earlier reports mentioned that Captain Fresh could list at a valuation of over $1 Bn.

At that valuation, the startup would potentially be trading at close to 6X its revenue. Captain Fresh recorded a 70% year-on-year increase in its revenue to INR 1,395 Cr and lowered its net loss by 29% to INR 229 Cr in FY24.

While 2025 is expected to be another windfall year in terms of public listings with new-age Indian companies rushing for IPOs, Captain Fresh will be unique for being the first Indian B2B seafood startup to go public. The ambitious IPO is expected at a time when Indian seafood exports are on a phenomenal growth trajectory, surpassing INR 60,000 Cr so far in FY25, according to finance ministry data.

The government also proposed to reduce the custom duty on materials used in processing and storage of frozen shrimp and fish products to keep up the momentum.

While Captain Fresh doesn’t serve seafood consumers in the US, Europe and other countries directly, it deals with storage, processing and simplifying the supply chain of seafood producers and exporters in India and Southeast Asia. This makes it a B2B supplier rather than a brand, but Gowda revealed that the company plans to enter the B2C segment as well.

Gowda told Inc42 that the company will eventually look to enter the B2C seafood sector in places like the US and Europe, while keeping a majority of its supply-side operations in India. Acquisition of prominent overseas brands could therefore be essential to its core business strategy going forward, beyond the IPO.

Edited excerpts from a conversation

Inc42: Majority of the workforce at Captain Fresh is based in India, whereas more than 85% revenue comes from outside India. The supply-side operations and markets are in entirely different geographies. What are the obstacles in driving synergies between these sides?

Utham Gowda: Almost 98% of our business is outside of India from a demand standpoint. Now, you need to see how we evolved as a company. When we started the journey, 100% demand and supply were coming from India, then obviously we diversified, and the........

© Inc42