D2C
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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