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Zappfresh prepares for IPO, transitions to public company

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Delhi, NCR-based startup Zappfresh has announced its transition from a private limited company to a public limited company, marking a major step towards its upcoming initial public offering (IPO). The company, originally called DSM Fresh Foods Private Limited, has officially dropped the word «Private» from its name, according to the latest filings with the Ministry of Corporate Affairs.

At the helm of the transformation is co-founder Deepanshu Manchanda, who is leading the company through this pivotal phase. Zappfresh is now preparing to list its shares on stock exchanges, an ambition underlined by its board’s recent approval to adopt a new set of articles of association and amend its memorandum.

Founded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, Zappfresh has created a niche in the direct-to-consumer delivery of farm-fresh meat, promising a delivery time of 90 minutes. The service is currently active in Delhi-NCR and Bengaluru.

In preparation for its IPO, Zappfresh proposed to increase its authorized share capital from INR 1.11 Cr to INR 25 Cr and announced a substantial bonus share issue of 725 shares for every 1 equity share held by existing shareholders.

On its strategic moves, Zappfresh has proposed the appointment of Suman Chaudhary, Navdeep’s Chief Marketing Officer, as an independent director for a five-year term. In addition, Manchanda will assume the role of Chairman and CEO from May 8 for a period of five years.

The development follows a $4.3 million funding round more than six months ago from investors including Ah! Ventures, HT Media, Unity SFB and Heifer Impact. Funds were earmarked for acquisitions, expansion plans and infrastructure improvements. While the company is yet to disclose its FY2024 revenue, it has targeted INR 24 revenue of INR 300 crore by the end of FY24, with INR 70 crore expected in the Bengaluru market alone.

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Zappfresh operates in the competitive online meat delivery market and is in direct contact with other D2C brands such as Licious and Fresh2Home. According to a RedSeer report, the sector is projected to grow to a $80-85 billion market by 2024, underscoring the high stakes and significant growth potential for players like Zappfresh.

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