Captain Fresh turns profitable in FY25, posts Rs 42 crore in PAT
Captain Fresh swung to black in FY25 after suffering a loss in the previous year, while consolidated revenues rose nearly 2.5x during the fiscal year.
IPO-bound Captain Fresh, a B2B seafood supplier startup, has unlocked profitability for the 2024-25 fiscal year, along with a 145% rise in revenues, according to regulatory filings.
Captain Fresh registered a net profit of Rs 42.43 crore for the 2024-25 fiscal, as compared to a loss of Rs 229 crore in the 2023-24 fiscal. There were also positive developments on the gross revenue front, as it touched Rs 3,421 crore for FY25 as compared to Rs 1,395 crore in FY24.
This startup has its business in multiple countries, including India. During FY25, the US market had the highest revenue contribution at Rs 2,416 crore. India stood second at Rs 340 crore, followed by Poland at Rs 239 crore.
Founded in 2020 by Utham Gowda, Captain Fresh has grown into a multi-species, multi-geography seafood platform that manages supply chain transactions across the seafood ecosystem. The company sources and distributes a range of products for domestic and export markets, positioning itself as a tech-enabled bridge between fishermen, distributors, and retailers.
This startup is backed by the likes of Tiger Global, Accel, Nasper and Matrix, among other investors.
The startup has also announced its plans to tap the public market through an initial public offering (IPO) with the goal of raising Rs 1,700 crore.
Captain Fresh has reclassified itself as a public limited company under the name Infifresh Foods Ltd, and has filed confidential papers with India’s markets regulator.
The IPO is expected to include both a fresh issue and an offer-for-sale, bringing the total size of the offering to about $350 million–400 million. Captain Fresh’s board cleared a special resolution earlier this month approving the fresh issue, the filings show. The proceeds from the IPO are earmarked for debt repayment.