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B2B seafood marketplace Captain Fresh withdraws IPO papers amid market uncertainty
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Friday, 02 January, 2026, 16 : 00 PM [IST]
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Our Bureau, Mumbai
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India’s leading B2B seafood marketplace, Captain Fresh, has withdrawn its Initial Public Offering (IPO) papers, opting to pause its planned public listing as market conditions remain uncertain. The company, known for connecting seafood suppliers, processors and institutional buyers through a digital platform, had filed draft papers with market regulators earlier this year with the intent to raise fresh capital through an IPO.
Industry insiders said the decision to withdraw the IPO at this stage was influenced by volatility in capital markets, changing investor sentiment toward tech-enabled agrifood platforms, and broader economic headwinds that have made public listings more challenging in recent months. By stepping back now, Captain Fresh aims to reassess timing and strategic priorities with a focus on strengthening its business fundamentals before testing the equity markets again.
Founded in 2017, Captain Fresh has carved out a significant presence in India’s fish and seafood supply chain by digitising procurement and distribution for buyers such as hotels, restaurants, catering companies and institutional food service players. The platform offers real-time pricing, quality assurances and timely delivery across key seafood hubs, helping both small-scale fishermen and large suppliers access broader markets.
The company’s path toward an IPO had been seen as a milestone for the agrifood tech sector, demonstrating investor interest in sector-specific marketplaces that address supply chain inefficiencies in perishable goods. However, with sustained pressure on valuations for emerging growth companies and cautious capital flows, Captain Fresh’s management chose to withdraw the offer documents to avoid launching at a potentially subdued valuation.
According to sources familiar with the matter, Captain Fresh will continue to focus on scaling its core business, expanding its geographic footprint and investing in technology to improve operational efficiency. The platform has steadily increased annual gross merchandise value (GMV) and diversified its product categories to include a wider array of seafood and allied products, catering to evolving buyer needs.
Stakeholders said that while the IPO pause may disappoint some investors, the company is positioning itself to return to the public markets when conditions are more favourable. In the meantime, Captain Fresh is expected to explore alternative funding routes including strategic partnerships and private capital to fuel growth.
The withdrawal underscores broader trends in the Indian startup ecosystem where companies are increasingly balancing the timing of exits with financial readiness and market appetite, especially in niche B2B digital marketplaces.
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