IPO-bound B2B seafood supply chain startup Captain Fresh has 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. Including other income of INR 44.8 Cr, total income stood at INR 3,466 Cr for the year

Total expenditure rose 109.6% to INR 3,342 Cr from INR 1,594 Cr in FY24, led by higher operational and employee costs

IPO-bound B2B seafood supply chain startup Captain Fresh has turned profitable in FY25, posting a consolidated net profit of INR 42.4 Cr compared to a loss of INR 229 Cr in FY24, as per its RoC filings.

Operating revenue jumped 145% to INR 3,421 Cr in FY25 from INR 1,395 Cr a year earlier. Including other income of INR 44.8 Cr, total income stood at INR 3,466 Cr for the year.

Total expenditure rose 109.6% to INR 3,342 Cr from INR 1,594 Cr in FY24, led by higher operational and employee costs.

In line with the bottom line profitability, the startup’s company reported a positive EBITDA of INR 123.8 Cr against an EBITDA loss of INR 171.9 Cr incurred in the previous fiscal year.

The financial disclosures come in the run up to the startup’s initial public offering. It filed its draft red herring prospectus (DRHP) with the markets regulator SEBI via the confidential route for a $400 Mn (about INR 3,400 Cr) public issue.

As per sources, the public offering will comprise a fresh issue of $200 Mn (around INR 1,700 Cr) and an offer for sale of $150 Mn to $200 Mn (about INR 1,300 Cr to INR 1,700 Cr).

The IPO proceeds will be used to fuel acquisitions in the US and Europe, as Captain Fresh eyes eventual B2C expansion in higher income global markets.

Founded in 2020 by Utham Gowda, Captain Fresh runs a tech-led seafood supply chain platform, catering to both Indian and global markets, including the US, Europe, and the Middle East.

The company services 500–1,000 wholesalers in the US, which accounts for nearly 60% of its demand.

Prior to the IPO, the startup had raised INR 250 Cr in its pre-IPO round from Prosus Ventures, Accel, Tiger Global, Swiggy’s Sriharsha Majety, and India Equity Partners’ Sid Khanna.

(The story will be updated soon)