Zappfresh, a Delhi-NCR based meat delivery startup, has undergone a significant transformation, now positioning itself as a publicly traded company in preparation for its upcoming initial public offering (IPO).
In a filing submitted to the Ministry of Corporate Affairs, the startup stated that it has transitioned from a private limited company to a public limited company, indicated by the removal of “Private” from its registered name, previously recorded as “DSM Fresh Foods Private Limited”.
With this move, the company aims to list its equity shares on the stock exchanges via an IPO.
According to the filing, “The Board of Directors has sanctioned the adoption of a new set of Articles of Association, replacing and excluding the existing Articles of Association of the company. The Board has also sanctioned the amended Memorandum of Association of the Company.”
It’s worth mentioning that for any company aiming to enter the public market, shedding the private label is crucial. Swiggy, one of the notable startups, followed the same path before its IPO, transitioning from ‘Swiggy Private Limited’ to simply ‘Swiggy Limited’ by removing the word ‘Private’ last month.
Continue Exploring: Swiggy transitions to publicly traded company ahead of $1 Billion IPO
Zappfresh, established in 2015 by Deepanshu Manchanda and Shruti Gochhwal, delivers farm-fresh meat to customers within 90 minutes. Presently, it operates in Delhi-NCR and Bengaluru.
As part of its IPO plans, the startup has proposed a rise in its authorized share capital from INR 1.11 Cr to INR 25 Cr. Additionally, it unveiled bonus shares at a ratio of 725 equity shares for every 1 equity share held by the shareholders.
Additionally, the startup has put forward the nomination of Suman Chaudhary, who serves as the director of Navdeep Marketing, as an Independent Director for a five-year term. Moreover, Manchanda is slated to assume the position of Chairman and Managing Director of the Company, starting from May 8, for a duration of 5 years.
This development comes after more than six months since the startup secured a $4.3 Mn funding round from Ah! Ventures, HT Media, Unity SFB, and Heifer Impact. During that period, the company aimed to utilize the funds for acquisitions, expansion initiatives, and infrastructure enhancements.
Continue Exploring: ZappFresh raises $4.3 Million in latest funding round, sets sights on market expansion
While it has not yet revealed its total revenue for FY24, the startup had set a target of INR 300 Cr by the end of the financial year 2023-24 (FY24), with INR 70 Cr in revenue anticipated from Bengaluru alone.
It competes with players such as Licious, Fresh2Home, and others in the rapidly growing direct-to-consumer (D2C) meat delivery sector. As per a RedSeer report, the online meat market in India is projected to reach $80-85 Bn by 2024.
Continue Exploring::Â ZappFresh bolsters growth strategy with acquisition of Dr. Meat, sets sights on Bengaluru market
