Captain Fresh Withdraws Confidential IPO Papers

SUMMARY

Captain Fresh’s parent Infifresh Foods Ltd withdrew its IPO papers on December 24, over four months after pre-filing for a $400 Mn IPO

The company has temporarily halted its listing bid amid unanticipated delays in getting regulatory clearances for an acquisition it made in the European market

Captain Fresh plans to refile its IPO papers after getting the regulatory approvals in early 2026

Accel-backed B2B seafood brand Captain Fresh has officially withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

Speaking with Inc42, Captain Fresh cofounder Utham Gowda confirmed that the company has temporarily halted its listing bid amid unanticipated delays in getting regulatory clearances for an acquisition it made in the European market.

Captain Fresh now plans to refile its IPO papers after getting the aforementioned regulatory approvals in early 2026, Gowda added.

“We have secured all necessary regulatory approvals for the acquisition and are executing final transaction activities that will significantly enhance our global market position. In view of this, we are maintaining the requisite capital structure flexibility to facilitate these strategic equity investments. This withdrawal is a strategic measure in the direction,” the company said in a statement.

The withdrawal comes four months after Captain Fresh’s parent Infifresh Foods Ltd filed its DRHP with the SEBI via the confidential pre-filing route for a $400 Mn IPO in August this year.

Despite the withdrawal, the company said that it will adhere to its original listing timelines and will proceed with a fresh filing upon the closure of the transaction.

For context, the seafood major has made three major acquisitions to strengthen its position in the European market. While it acquired Spanish yellowfin tuna producer Frime earlier this month, it previously bought Poland-based salmon products company Koral in 2024 and French cooked shrimp producer and distributor Senecrus in late-2023.

Earlier this year, Gowda told Inc42 that nearly 60% of Captain Fresh’s demand comes from the US, followed by Europe. It supplies less than 5% of its products to the Middle East, and India accounts for just 2-3% of its sales.

Hence, the offshore acquisitions are critical for the B2B seafood supplier to strengthen its business stack. Overall, the company operates a portfolio of 10 subsidiaries and JVs across US, Europe, Asia.

Founded in 2020, the company’s ecommerce platform connects fishermen with retailers and businesses. Its tech platform aims to improve quality, ensure traceability, match supply with demand, and offers digital solutions like e-auctions and predictive tools for fishermen.

The ecommerce company has raised close to $220 Mn in private funding from investors like Z47 (formerly Matrix Partners India), Anikut Capital, Prosus, Tiger Global, Accel Partners and British International Investment.

On the financial front, Captain Fresh turned profitable in FY25, posting a consolidated net profit of INR 42.4 Cr compared to a loss of INR 229 Cr in FY24. Operating revenue jumped 145% to INR 3,421 Cr in FY25 from INR 1,395 Cr a year earlier.

The company claims to have maintained the financial momentum in H1 FY26.

“Captain Fresh group has substantially surpassed its previous full-year EBITDA and PAT in just the first six months of FY26. This trend highlights a significant expansion in margins and a sustained path of profitable growth as we prepare for a robust public market debut,” the company added.