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.
“Proceeds will be strategically allocated to drive growth initiatives, including unidentified acquisitions, marketing enhancements and capital expenditures, working capital optimization and general corporate purposes,” it said.
Zappfresh said it is the first direct-to-consumer store (D2C) food startup embarking on this journey of going public.
Deepanshu Manchanda, Founder, Zappfresh, said, “We are proud to take this monumental step towards listing on the BSE SME platform, which demonstrates our unwavering dedication to transparency, accountability and growth.” Zappfresh is backed by multiple investors including SIDBI (19%), Amit Burman Family Office (10%), Hindustan Times, Unity Bank, Lets Venture, Ah! Ventures, Keritsu Forum and Heifer Impact among others. The promoters hold a 40% stake in the company. The company has recently expanded its presence in new territories such as Mumbai and Bangalore and has acquired Bonsaro and Dr. Meat to enhance its offering and market presence.
The company is also at an advanced stage of launching its business in the Middle East, including further acquisitions for inorganic growth.
In FY 2023-24, Zappfresh achieved an impressive EBIDTA of Rs 7.6 crore and revenue of Rs 90 crore.
The company aims to achieve revenues of Rs 1,000 crore in the next 3 years, Zappfresh said.
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