[ad_1]
Mumbai: Captain Contemporary, a business-to-business (B2B) seafood market, is anticipated to file its draft crimson herring prospectus (DRHP) for an preliminary public providing (IPO) inside the subsequent three weeks, based on two folks aware of the matter.
“The corporate is anticipated to file the IPO papers by mid August and can subsequently launch its pre-IPO spherical,” one of many two folks mentioned, including that the seed buyers are anticipated to promote partly or full in a $50-75 million spherical.
The deliberate submitting is a part of the corporate’s broader push to entry public markets within the present monetary 12 months by a $400 million IPO. It transformed right into a public entity earlier this month and has appointed Axis Capital and Financial institution of America to handle the problem.
Seed buyers in Captain Contemporary embody Ankur Capital, ADB Ventures, Z47, Incubate Fund India and Hoskoppal Ventures, based on information from Tracxn. Captain Contemporary and the buyers didn’t instantly reply to Mint’s requests for remark.
In December, Mint reported that the corporate was in talks to lift a $50-100 million spherical wherein a few of its late-stage buyers, together with Accel and Prosus, had been anticipated to infuse further capital.
Captain Contemporary final raised about $48 million in a spherical led by Evolvence India and British Worldwide Funding, valuing the corporate at barely over $500 million. Different buyers embody Motilal Oswal Wealth, Tiger World Administration and Innoven Capital.
Based in 2019 by banker-turned-entrepreneur Utham Gowda, the Bengaluru-based firm operates a farm-to-retail seafood provide chain, aiming to hyperlink small-scale fishermen and coastal farmers with fragmented retail demand throughout India.
It affords each a digital commerce platform and a bodily fulfilment community for retailers throughout codecs. The corporate additionally has a presence in worldwide markets, together with the US, Spain, and the West Asia. It competes with startups akin to Waycool, Apnaklub, and FarMart.
Over the previous two years, Captain Contemporary has centered on narrowing losses whereas scaling operations. Its working income rose to ₹1,395 crore in FY24 from ₹817 crore in FY23. Losses narrowed to ₹229 crore in FY24 from ₹294 crore the earlier 12 months, based on an Entrackr report. The corporate is but to file its FY25 audited outcomes.
[ad_2]
Supply hyperlink