rediff.com

Zappfresh Files for IPO on BSE SME: D2C Meat Delivery Startup Aims for Growth

Share on:

By Rediff Money Desk, New Delhi   Aug 28, 2024 11:09

Zappfresh, a direct-to-consumer (D2C) meat delivery startup, has filed draft papers with SEBI to list on the BSE SME platform. The IPO will raise funds for growth initiatives, including acquisitions, marketing, and expansion.
Zappfresh Files for IPO on BSE SME: D2C Meat Delivery Startup Aims for Growth
New Delhi, Aug 28 (PTI) Zappfresh, which sells meat online, has filed preliminary documents with capital markets regulator SEBI to launch its initial public offering (IPO).

In a statement on Wednesday, Zappfresh said it has filed the Draft Red Herring Prospectus (DRHP) with SEBI to list on the BSE SME platform.

The Initial Public Offering (IPO) will consist of a fresh issue of 59.06 lakh equity shares, with a face value of Rs 10, and will not include an offer-for-sale (OFS) component.

"The proceeds will be strategically allocated to drive growth initiatives, including unidentified acquisitions, marketing and capital expenditure enhancements, working capital optimization, and general corporate purposes," it said.

Zappfresh said it is the first direct-to-consumer (D2C) food startup to embark on this listing journey.

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."

Zappfresh is backed by many 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 a 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 FY 2023-24, Zappfresh achieved an impressive EBIDTA of Rs 7.6 crore and revenue of Rs 90 crore.

The company is aiming to achieve revenue of Rs 1,000 crore in the next 3 years, Zappfresh said.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!