Zappfresh, a leading direct-to-consumer (D2C) meat delivery startup operating under DSM Fresh Foods Ltd., has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO is scheduled to open on September 26, 2025, and...
Zappfresh, a leading direct-to-consumer (D2C) meat delivery startup operating under DSM Fresh Foods Ltd., has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO is scheduled to open on September 26, 2025, and close on September 30, signaling a milestone in India’s nascent online fresh meat retail sector. This move comes as Zappfresh has demonstrated profitability and rapid expansion in recent years.
Opening A New Chapter In Online Food Retail
Zappfresh is India's first D2C meat delivery startup poised to go public, marking a significant evolution for the sector. Founded in 2015 by Deepanshu Manchanda, the brand has firmly established itself in delivering fresh, hygienic meat, seafood, and ready-to-cook products primarily across Delhi NCR, with recent expansion into Mumbai and Bangalore.
Key Highlights Of Zappfresh's IPO
The IPO consists of a fresh issue of 59.06 lakh equity shares with a face value of Rs 10 each.
There is no offer-for-sale (OFS) component in this issuance, meaning existing shareholders are not selling shares in this tranche.
Proceeds raised from the IPO will be allocated towards growth initiatives including potential acquisitions, marketing spend, capital expenditure, working capital optimization, and general corporate purposes.
The IPO is set to list on the BSE SME platform, aimed at attracting investments in growing small and medium enterprises.
Prominent financial institutions and investors backing Zappfresh include SIDBI (Small Industries Development Bank of India) holding a 19% stake, Amit Burman Family Office controlling 10%, along with investments from Hindustan Times, Unity Bank, Lets Venture, Ah! Ventures, and others.
Promoters Deepanshu Manchanda and Priya Aggarwal hold a combined 40% stake in DSM Fresh Foods Ltd.
Robust Financial Performance And Strategic Growth
Zappfresh reported robust growth in FY 2023-24, achieving revenues of Rs 90.44 crore, a 60% rise year-on-year from Rs 56.28 crore in FY 2022-23. EBITDA rose impressively to Rs 7.6 crore, reflecting improved operational efficiencies. The company posted a net income of Rs 4.67 crore in FY24, more than doubling previous year’s figures.
The company’s expansion strategy involves acquiring regional brands, such as Mumbai-based Bonsaro and Dr. Meat, to widen its geographical and product reach. Zappfresh is also preparing to enter the Middle East market, including Dubai, positioning itself for international growth. The firm plans further inorganic growth via acquisitions to strengthen its foothold.
Business Model And Consumer Engagement
Zappfresh operates a digital platform offering fresh meat, chicken, mutton, and seafood to customers via its website and smartphone app, which boasts over 100,000 Play Store downloads and a monthly active user base exceeding 50,000 with a repeat purchase rate above 90%. Its cold storage and supply chain infrastructure spans Delhi NCR, Bengaluru, and Mumbai, ensuring high standards of freshness and delivery speed.
The startup emphasizes hygiene, quality, and customer convenience, leveraging data analytics and supply chain optimization to capture and retain market share in the growing online food retail space.
Market Opportunity And IPO Significance
With growing urbanization, rising disposable incomes, and evolving consumer preferences toward online grocery and fresh food ordering, Zappfresh capitalizes on a niche underserved by traditional retail. Its entry into capital markets marks validation of the D2C food delivery business model in India.
The IPO is anticipated to raise fresh capital of approximately Rs 60-70 crore, fueling company expansion and enhancing operational capabilities. Industry observers view this listing as a crucial test for startups in the food tech ecosystem to achieve profitability and growth while courting investors on public exchanges.
Founder’s Vision And Future Outlook
Deepanshu Manchanda expressed pride in this landmark listing step, highlighting the company’s commitment to transparency, accountability, and innovation aimed at becoming India’s premier meat delivery brand. He emphasized continued focus on improving product range, customer experience, and technological adoption to sustain leadership.
IPO Timeline And Investability
The subscription window opens on September 26, 2025, and closes on September 30, with details on pricing to be announced imminently. Investors, especially in the SME segment, see potential value in backing India’s pioneering profitable meat delivery startup with robust growth metrics.
In summary, Zappfresh’s upcoming IPO represents a convergence of tech-driven innovation and traditional food retail in India. Backed by strong financials, strategic market expansion, and experienced promoters, Zappfresh is set to make a promising debut on the stock market later this month.
Sources: Inc42, Economic Times, AngelOne, NDTV, IPOCentral, Zappfresh official website
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