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Zappfresh beat bigger rivals to the stock market. So, why won’t investors bite?

Shivani Verma

October 03, 2025 | 5 Min Read

Zappfresh may have beaten online meat rivals Licious and FreshToHome to the public markets. But its undersubscribed SME IPO reveals deeper cracks in India’s startup funding landscape and the fragility of India’s online meat sector.

When Zappfresh—a meat brand under DSM Fresh Foods Limited—filed for its SME (small and medium enterprise) IPO on the Bombay Stock Exchange, it seemed like a major win in India’s online meat industry.

After all, beating well-funded rivals like Licious and FreshToHome to the public markets shows guts and timing.

And with profitability—Gurugram-based Zappfresh’s net profit rose 94% to Rs 9.1 crore in the fiscal year 2025, on revenue of Rs 130.7 crore—it should have been a cakewalk.

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