Captain Fresh, the Bengaluru-based B2B meat and seafood platform, has officially transitioned into a public limited company, a key procedural step as it prepares for its initial public offering (IPO).
As per a regulatory filing with the Ministry of Corporate Affairs (MCA), the board of the company passed a resolution on June 14, 2025, approving its conversion from Infifresh Foods Private Limited to Infifresh Foods Limited. The move involves the removal of restrictions under Section 2(68) of the Companies Act, 2013, applicable to private companies.
“…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 stated.
This step aligns with Captain Fresh’s IPO roadmap, which includes plans to file its draft red herring prospectus (DRHP) with market regulator SEBI. The company recently strengthened its board by appointing three independent directors—Durgesh Kumar Singh, Anil Berera, and Harita Gupta—a governance move typically associated with IPO preparedness.
Captain Fresh now joins a growing cohort of Indian startups such as Nopaperforms, Lenskart, Kissht, Amagi, Meesho, and PhonePe, all of which have restructured into public entities ahead of their stock market debuts.
The company is reportedly planning to raise $350–400 million via its IPO and is aiming for a valuation north of $1 billion, nearly 90% higher than its last known valuation of $526 million. It has reportedly onboarded Axis Capital and Bank of America (BofA) as lead bankers for the public issue.
In a separate development earlier this year, Captain Fresh raised ₹27.3 crore in pre-IPO funding from Centrum Wealth Limited and others, intended to bolster its capital expenditure and fuel business expansion.
Founded in 2020 by Utham Gowda, Captain Fresh has quickly grown into a global B2B marketplace, supplying meat and seafood to sellers across India and international markets including the Middle East, Southeast Asia, Europe, and the United States. In an earlier interview, Gowda noted that 98% of the company’s demand originates outside India, and that the firm was on track to post $525–550 million in revenue for FY25.
While FY25 results are yet to be disclosed, the company posted a 70% year-on-year increase in revenue to ₹1,395 crore in FY24, and cut its net loss by 29% to ₹229 crore.
Captain Fresh also has ambitions to expand into the B2C segment internationally, although a formal launch timeline has not yet been shared.
