Zappfresh Initiates IPO Process, Transitions to Public Limited Company

ZappFresh, a leading meat delivery platform, is gearing up to join the ranks of notable companies such as Swiggy, FirstCry, Cars24, Pine Labs, and Pepperfry by embarking on its journey to become a publicly traded entity. 

In a significant move towards this goal, the Gurugram-based firm has initiated the process of converting into a public limited company, as revealed in regulatory filings.

According to the filings, the company will now operate under the name ‘DSM Fresh Foods Limited‘. Sources close to the development have indicated that ZappFresh is making strides towards its initial public offering (IPO), with plans to launch the IPO in the latter stages of the ongoing financial year (FY25).

Founded in 2015 by Deepanshu Manchanda, ZappFresh has established itself as a premier destination for fresh meat, seafood, and ready-to-cook items, accessible through its user-friendly app and website. With a commitment to quality, the company sources its meat and fish from local farms, processes them at state-of-the-art facilities, and delivers customized cuts directly to customers’ doorsteps.

In a notable milestone, ZappFresh completed its first acquisition last year, acquiring Dr. Meat from Sukos Foods. Dr. Meat specializes in offering sustainably bred chicken sourced from the outskirts of Bengaluru, catering to customers in the Delhi-NCR region as well.

As part of its IPO preparations, ZappFresh has announced plans to increase its authorized capital and issue bonus shares in the ratio of 725:1, providing existing shareholders with additional equity shares. The company has also proposed the appointment of Anchal Kapoor and Suman Chaudhary as independent directors, with Deepanshu Manchanda slated to continue serving as Managing Director and Chairman.

ZappFresh has garnered approximately $14 million in funding to date, with notable investments from Ah! Ventures, HT Media, and other prominent backers. According to data from TheKredible, SIDBI Venture Capital stands as the largest external stakeholder in the company, underscoring investor confidence in its growth prospects.

While financial results for FY24 are pending, ZappFresh reported flat revenue from operations at Rs 56 crore for the fiscal year ended March 2023, accompanied by a profit of Rs 11 crore during the same period.

As ZappFresh advances towards its IPO debut, industry observers await further developments, anticipating the potential impact of its public listing on the burgeoning e-commerce landscape in India.

 Source: Entrackr

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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