Zappfresh closes funding round of Rs. 20 crore
Zappfresh, the high-quality fresh meat brand run by Gurugram-based DSM Fresh Foods Pvt. Ltd has raised funding of Rs. 20 crore from Vice Chairman Dabur India, Amit Burman and SIDBI Venture Capital.
New Delhi : Zappfresh, the high-quality fresh meat brand run by Gurugram-based DSM Fresh Foods Pvt. Ltd has raised funding of Rs. 20 crore from Vice Chairman Dabur India, Amit Burman and SIDBI Venture Capital.
The fresh in-flow of capital will help the company in driving business strategy and expanding supply chain as well as geographical reach.
Since inception in 2015, the company managed to successfully break even in the first eight months after raising modest angel funding from renowned individual investors. Under their mentorship and guidance, the Company scaled rapidly over the next three years.
The firm has built capabilities to service entire Delhi NCR from its state of the art factory in Gurgaon.
Zappfresh is helping Consumers eat better and is determined to revolutionise the loose/wet meat market by bringing standardisation, transparency and quality across the supply chain - How the meat is sold and bought has changed radically in the last three years and will transform in the next decade. While majority organized players are primarily focused on exports, the domestic market is poised at a healthy 15 percent annual CAGR.
This funding has laid the foundation to validate this category of business to have immense growth potential and the investing parties including Burman will offer guidance on how to scale up to the next level.
"I see a great potential in the 'e-market for meat' and Zappfresh has had an impressive growth story. The business model is innovative and the use of technology in the supply chain management has allowed for the possibility of a sustainable scale up capability. I look forward to be part of this venture and its success," said VC Dabur India, Amit Burman.
"Investing in a firm many times translates to investing in an idea with the potential to scale up. This in my mind is the story of Zappfresh. The fresh meat industry is highly fragmented and digitization of the market can also improve the value chain operating system of this industry. Zappfresh's promise to offer a hassle-free meat buying experience of highest quality is unique and has great potential," said Sr. VP, SIDBI Venture Capital, Sajit Kumar.
"The company would use the funds to hire people in key departments and increase storage capacity. We are very excited to have Burman and SIDBI Venture Capital on board believing in our business and supporting our expansion plans. This investment will aid our back-end support along with expansion in newer markets after having laid a strong foundation in Delhi-NCR," said CEO and co-founder Zappfresh, Deepanshu Manchanda.
"We are very pleased with this new financial capability and guidance from industry veterans. This will further improve and expand our offering of farm to fork fresh produce and ensure that every household has access to right quality of meats," said co-founder, Zappfresh, Shruti Gochhwal.