Tiger Global-backed Captain Fresh converts into public entity

Meat and seafood startup Captain Fresh has taken a big step toward going public by changing its status to a public company.

In a filing with the Ministry of Corporate Affairs (MCA), the company said its board approved this change during a meeting on June 14, 2025. This move is required for any company planning to launch an IPO and list on Indian stock exchanges.

Read also- yulu raises Rs 25.7 Cr in Series B round from Magna International

“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.

Captain Fresh has added three independent directors—Durgesh Kumar Singh, Anil Berera, and Harita Gupta—to its board as it prepares to file its draft red herring prospectus (DRHP) with SEBI.

With this move, Captain Fresh joins a growing group of startups like Nopaperforms, lenskart, Kissht, Amagi, meesho, and PhonePe that have become public companies ahead of their IPO plans.

The company is expected to raise $350–400 million through its IPO, likely to launch by the end of the year. It’s aiming for a valuation of over $1 billion—almost double its last known valuation of $526 million. Axis Capital and Bank of America (BofA) have been brought on as bankers for the IPO.

Advertisment

Earlier this year, Captain Fresh also raised Rs 27.3 crore from Centrum Wealth Limited and others to fund capital expenses and expansion efforts ahead of the public listing.

About Captain Fresh

Founded in 2019 by Utham Gowda, Captain Fresh is a B2B seafood marketplace that provides a farm-to-retail platform for animal protein, including fish, seafood, and sheep. 

The startup sources products directly from farmers and agents and serves customers through B2B, B2R (business-to-retail), and B2B2C (business-to-business-to-consumer) channels.