As part of its plan to break into the Bengaluru market, the startup ZappFresh, which sells meat in Delhi-NCR via its online platform, has purchased Dr. Meat for a sum of USD 3 million. According to a statement released by ZappFresh, the firm has entirely purchased the Sukos Foods brand Dr. Meat, which is situated in Bengaluru.
The business kept the deal’s worth a secret.
However, according to market sources, the sale was worth about $3 million.
It was stated that the purchase of Dr. Meat fits flawlessly with ZappFresh’s development plan and long-term goals.
ZappFresh seeks to expand into additional markets, with Bengaluru as its initial focus.
“Dr. Meat’s demonstrated capacity to accomplish a substantial scale without jeopardizing its bottom line connects strongly with ZappFresh’s vision,” stated Deepanshu Manchanda, founder of ZappFresh. We have been profitable for the last four years, and we want to reach an annual profit of Rs 300 crore by the end of the fiscal year 2023–24. In Bengaluru alone, we expect to earn sales of Rs 70 crore within the next year.
ZappFresh said that the purchase of Dr. Meat is just the beginning of its proactive pursuit of new business prospects.
The business is now in discussions about other purchases that will support its expansion objectives and improve its market presence.
According to the statement, a large number of investors have shown considerable support for ZappFresh as a direct-to-consumer brand, including SIDBI VC, Dabur Family Office, Letsventure, Keritsu Forum, and numerous well-known angels from the food and IT industries.
By introducing new pin codes, the business hopes to gain momentum in the Bengaluru market over the course of the following six months. ZappFresh intends to improve its standing in the area through this.
ZappFresh asserts that this purchase is merely the beginning of its aggressive search for more growth prospects. It anticipates that other acquisitions, for which it is in negotiations, will supplement its expansion ambitions. It seeks to make use of the supply chain it created from scratch.
