D2C meat brand, Zappfresh files prospectus with Sebi for listing on BSE SME
D2C (Direct to Consumer) meat brand, Zappfresh has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its public listing on BSE SME (Small and Medium Enterprises) platform, the company said in a press release
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Bengaluru, 28 August: D2C (Direct to Consumer) meat brand, Zappfresh has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its public listing on BSE SME (Small and Medium Enterprises) platform, the company said in a press release.
The IPO consists of a fresh issue of 59.06 lakh equity shares, with a face value of Rs 10, and has no offer for sale.
The proceeds will be utilised to drive growth initiatives, including unidentified acquisitions, marketing and capital expenditure enhancements, working capital optimization, and general corporate purposes. Zappfresh is the first D2C food startup to opt for an IPO.
Commenting on the listing initiative, Deepanshu Manchanda, founder of Zappfresh said, "We are proud to take this monumental step towards listing on the BSE SME platform, which testifies to our unwavering dedication to transparency, accountability, and growth. As we remain committed to delivering exceptional quality, convenience, and value to our customers while creating sustainable stakeholder value."
Zappfresh is backed by marquee investors, including SIDBI (19 per cent), Amit Burman Family Office (10 per cent), Hindustan Times, Unity Bank, Lets Venture, Ah! Ventures, Keritsu Forum, and Heifer Impact, among others. The promoters hold 40 per cent stake in the company.
The company has recently expanded its footprint into new territories, including Mumbai and Bangalore, and has acquired Bonsaro and Dr. Meat to enhance its offerings and market presence. The company is also in an advanced stage to launch their business in the middle east including more acquisition for the inorganic growth.
In FY24, Zappfresh achieved an operating profit of Rs 7.6 crore and revenue of Rs 90 crore, reflecting its robust financial performance and growth trajectory. The company is aiming to achieve revenue of Rs 1,000 crore in the next three years.
Narnolia Financial Services Ltd. has been appointed as the Book Running Lead Manager (BRLM) for the IPO, the press release added.
