Accel-backed B2B seafood startup Captain Fresh has completed the acquisition of Spanish tuna producer Frime, two months after withdrawing its IPO papers over delays linked to the same deal.
In a statement, Captain Fresh said it has closed the acquisition of Frime S.A.U., Spain’s largest sustainable yellowfin tuna processor and distributor.
In December last year, Captain Fresh’s parent, Infifresh Foods, withdrew its confidential DRHP filed with the Securities and Exchange Board of India (SEBI) for a $400 Mn IPO. The startup paused its listing plans citing delays in securing regulatory approvals for a European acquisition. It said then that it planned to refile its IPO papers in early 2026 after completing the transaction.
Founded in 1977 and headquartered in La Roca near Barcelona, Frime operates in 33 countries and has annual revenue of over €180 Mn (₹1,932 Cr). It holds more than 20% share in Europe’s yellowfin tuna market.
Frime runs four production sites across seven factories, with a total annual capacity of 15,000 tonnes of frozen products, 9,000 tonnes of fresh products and 3,800 tonnes of semi-preserved products. The company recently invested €50 Mn in upgrading its Barcelona facilities. It employs more than 450 people.
With the acquisition, Captain Fresh has added tuna as its third major category after crustaceans and salmon. Earlier, the startup acquired France-based shrimp producer Senecrus in late 2023 and Poland-based salmon company Koral in 2024 as part of its Europe expansion strategy.
Captain Fresh said the Frime deal will help it scale tuna sales in the US using its existing distribution network, while pushing its shrimp, lobster and salmon portfolio deeper into Southern Europe through Frime’s retail partnerships.
Captain Fresh generates nearly 60% of its demand from the US, followed by Europe. The Middle East contributes less than 5% of sales, while India accounts for 2-3%. It operates a portfolio of 10 subsidiaries and joint ventures across the US, Europe and Asia.
Founded in 2020, Captain Fresh runs a B2B ecommerce platform that connects fishermen with retailers and foodservice businesses.
It has raised close to $220 Mn to date from investors like Accel, Prosus, Tiger Global, Z47, Anicut Capital and British International Investment.
On the financial front, the startup turned profitable in FY25, posting a consolidated net profit of ₹42.4 Cr as against a loss of ₹229 Cr in FY24. Its operating revenue rose 145% to ₹3,421 Cr in FY25 from ₹1,395 Cr a year earlier.
In December, Captain Fresh said it maintained the growth momentum of FY25 in the first half of FY26, surpassing the previous year’s EBITDA and profit within six months of this fiscal.
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