Online Meat Start-Up Zappfresh Moves Toward BSE SME Listing With IPO Filing
Date
8/29/2024 4:13:24 AM
(MENAFN- KNN India)
New Delhi, Aug 29
(KNN) Zappfresh, an online meat delivery start-up, has filed preliminary documents with the Securities and Exchange Board of India (SEBI) to launch its Initial public offering (IPO).
The company announced on Wednesday that it has submitted the Draft Red Herring Prospectus (DRHP) with SEBI, aiming to list on the BSE SME platform.
The IPO will comprise a fresh issue of 59.06 lakh equity shares, each with a face value of Rs 10, and will not include any offer-for-sale (OFS) component.
The proceeds from the offering are earmarked for various strategic growth initiatives, including potential acquisitions, marketing efforts, capital expenditure, working capital optimisation, and other general corporate purposes, according to a statement from Zappfresh.
"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," said Deepanshu Manchanda, founder of Zappfresh.
Recently, Zappfresh expanded its operations into new markets, including Mumbai and Bangalore, and bolstered its offerings through the acquisitions of Bonsaro and Dr. Meat.
The company is also in advanced stages of launching its business in the Middle East, with plans for further acquisitions to drive inorganic growth.
For the fiscal year 2023-24, Zappfresh reported an EBITDA of Rs 7.6 crore and a revenue of Rs 90 crore. The company has set an ambitious target to achieve a revenue of Rs 1,000 crore within the next three years.
(KNN Bureau)
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