Zappfresh, the rapidly growing meat delivery startup, has taken a significant step toward public listing by filing its Red Herring Prospectus (RHP) for its initial public offering (IPO)
Zappfresh, the rapidly growing meat delivery startup, has taken a significant step toward public listing by filing its Red Herring Prospectus (RHP) for its initial public offering (IPO) on the BSE SME platform. The IPO, consisting solely of a fresh issue of 59.06 lakh shares, is scheduled to open on September 26 and close on September 30, 2025. The move reflects Zappfresh’s ambitions to raise capital to fuel further expansion and consolidate its position in the online meat and seafood delivery market.
According to the RHP, Zappfresh’s IPO will consist entirely of fresh equity shares. The company had previously filed a Draft Red Herring Prospectus (DRHP) in August 2024, and the size of the IPO has been retained in the final filing. The funds raised from the IPO will primarily be used for business expansion, strengthening infrastructure, marketing initiatives, and working capital requirements.
The BSE SME platform, designed for small and medium enterprises, allows companies like Zappfresh to access capital markets and broaden their investor base. By choosing a fresh issue instead of an offer-for-sale, Zappfresh intends to utilize the proceeds to drive growth rather than provide an exit to existing investors.
Zappfresh has demonstrated robust growth over the last fiscal year. For FY25, the company posted a profit after tax (PAT) of INR 9.1 crore, nearly doubling the INR 4.7 crore recorded in FY24 — a 94% year-on-year increase. The company’s revenue also surged 45%, reaching INR 130.7 crore in FY25, up from INR 90.4 crore in FY24.
These financial results highlight Zappfresh’s ability to scale operations effectively and manage profitability while expanding its footprint in the online meat delivery space. The combination of strong revenue growth and improving margins positions the company favorably for investor attention in its upcoming IPO.
Founded with a mission to modernize meat and seafood delivery in India, Zappfresh has carved a niche for itself in the fast-growing online grocery and food-tech sector. The platform offers fresh, high-quality meat and seafood directly to customers’ doorsteps, ensuring hygiene, traceability, and timely delivery.
Leveraging technology, Zappfresh enables users to place orders conveniently through its app or website, tracking deliveries in real-time. The startup has also invested in cold-chain logistics to maintain freshness and quality, a critical differentiator in the meat delivery segment.
The online meat and seafood delivery market in India has witnessed rapid growth in recent years, driven by increased consumer adoption of e-commerce and heightened demand for fresh, hygienic food. Startups like Zappfresh have benefited from changing lifestyles, urbanization, and the need for convenient food solutions.
Analysts note that while the sector is growing rapidly, competition is intense, with several players vying for market share. Companies that can scale operations efficiently while maintaining quality standards are likely to outperform peers, making Zappfresh’s strong financial performance particularly noteworthy.
Proceeds from the IPO will enable Zappfresh to invest in multiple growth avenues. Key areas of focus include:
By strategically deploying IPO proceeds, Zappfresh aims to strengthen its market position, drive profitability, and achieve sustainable long-term growth.
Given the company’s strong revenue growth, profitability improvement, and focus on operational efficiency, Zappfresh’s IPO is expected to attract significant investor interest. The BSE SME platform allows retail and institutional investors to participate in the growth story of a high-potential startup, providing access to early-stage opportunities in India’s burgeoning food-tech sector.
The company’s transparent financial reporting and consistent performance metrics further enhance investor confidence. With rising demand for online meat and seafood delivery, Zappfresh’s market positioning, coupled with technology-driven solutions, makes it a compelling proposition for potential shareholders.
Zappfresh’s filing of its RHP marks a pivotal moment in the startup’s journey, transitioning from a high-growth private company to a publicly listed entity. The IPO, opening on September 26 and closing on September 30, will not only provide the company with much-needed growth capital but also broaden its investor base and visibility in the market.
With a strong track record of financial performance — including a 94% increase in PAT and a 45% revenue growth in FY25 — Zappfresh is poised to leverage the funds raised from the IPO to scale operations, enhance technology, and strengthen its brand. The company’s focus on quality, hygiene, and timely delivery positions it well to capitalize on the growing online meat and seafood delivery market in India.
As the IPO approaches, investors and market watchers will be closely monitoring subscription trends, anticipating strong demand given Zappfresh’s solid business fundamentals and growth trajectory. This public listing could well be the next defining milestone in the company’s expansion story, cementing its position as a key player in India’s food-tech landscape.
