IPO-bound Captain fresh turns profitable in FY25; revenue jumps 2.5x

Captain Fresh, a Bengaluru-headquartered, technology-driven global packaged seafood company, has reported a strong improvement in its financial performance for FY25 as it prepares for a potential initial public offering. The company achieved a 145% year-on-year surge in revenue from operations, reaching Rs 3,421 crore in FY25, up from Rs 1,395 crore in FY24, according to filings with the Registrar of Companies (RoC).

This turnaround was underlined by Captain Fresh posting over Rs 42.4 crore in profit after tax (PAT) in FY25, reversing a loss of Rs 229 crore in the previous financial year. Achieving profitability within five years of operations is considered rare in the Indian unicorn space and places Captain Fresh among the fastest-growing B2B startups in India’s new economy.

Founded in 2020, Captain Fresh operates an asset-light, vertically integrated platform that covers the entire seafood value chain, from procurement to distribution, while avoiding the burden of capital-intensive assets. This approach has enabled the company to scale rapidly, maintaining operational flexibility as it sells seafood under brands such as CenSea, Ocean Garden, Koral, Senecrus, and ChopServe, catering to B2B clients across the U.S., Europe, the UAE, and India.

The company is led by founder Utham Gowda and is backed by prominent investors, including Accel, Tiger Global Management, Prosus Ventures, and Z47 (formerly Matrix Partners India). Captain Fresh’s focus on optimising supply chains in a traditional industry is positioned as a significant opportunity for technological disruption. In August, the company filed a confidential draft red herring prospectus (DRHP) with SEBI, signalling its intention to proceed with its IPO plans.

India’s IPO market has shown robust momentum, fuelled by strong domestic investor demand, particularly for growth-oriented and profitable companies. Captain Fresh’s financial performance and operational discipline are viewed as validations of how technology-led disruption in established sectors can yield strong returns. The company’s rapid path to profitability distinguishes it in a highly competitive landscape.