DSM Fresh Foods Limited IPO
DSM Fresh Foods Limited, operating under the brand Zappfresh, is a leading online retailer of fresh meat and ready-to-cook/eat non-vegetarian products in India. Established in 2015, the company is committed to delivering high-quality, hygienically sourced meat, emphasizing freshness, transparency, and customer satisfaction. Zappfresh combines advanced cold chain management with a user-friendly digital platform, enabling customers to order chicken, mutton, seafood, and marinated meals conveniently through its website and mobile application.
Brand – Zappfresh
Zappfresh operates primarily in the Delhi-NCR region and offers a full-stack meat delivery service, managing every step from procurement and processing to storage and delivery. Founded by Deepanshu Manchanda in June 2015, the brand addresses the challenges of unhygienic local markets and frozen meat alternatives, providing fresh, natural-tasting meat. Its mobile application has been downloaded over 1 lakh times on Android devices.
Business Model and Customer Experience
Zappfresh operates through an online direct-to-consumer model, focusing on Tier 2 and Tier 3 cities to improve accessibility to quality meat. The company provides real-time order tracking, detailed product descriptions, and encourages customer reviews to enhance transparency. Its integrated cold chain ensures that all products are delivered fresh and in optimal condition.
Product Offering
Zappfresh offers a wide range of fresh meats and seafood, including chicken, mutton, and seafood, along with ready-to-cook and ready-to-eat marinated meals. All products are antibiotic-free and adhere to FSSAI guidelines, with the company being ISO 9001:2008 and Halal certified.
Competitive Strengths
Zappfresh differentiates itself through full control over procurement, processing, storage, and delivery, antibiotic-free and preservative-free products, advanced cold chain technology, and compliance with FSSAI, ISO, and Halal certifications. Its strong digital presence and user engagement further enhance customer trust.
Market Presence
The company currently serves the Delhi-NCR region and plans to expand to other regions, aiming to become a leader in India’s online meat retail sector by providing high-quality fresh meat and seafood directly to consumers
Objects of the DSM Fresh Foods Limited IPO:
DSM Fresh Foods Limited IPO Details:
| Open Date: | Sep 26 2025 |
| Close Date: | Oct 06 2025 |
| Total Shares: | 59,06,400 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 59.65 Cr. |
| Lot Size: | 1200 Shares |
| Issue Price: | ₹ 96-101 Per Equity Share |
| Listing At: | BSE SME |
| Listing Date: | Oct 09 2025 |
Promoters And Management:
Financials of DSM Fresh Foods Limited IPO:
| Particulars (Cr) | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations | 130.73 | 90.43 | 56.28 |
| EBITDA | 17.04 | 9.57 | 3.4 |
| EBITDA Margins | 13.04% | 10.58% | 6.04% |
| PAT | 9.05 | 4.66 | 2.73 |
| PAT Margins | 6.92% | 5.15% | 4.85% |
| ROCE | 24.71% | 19.00% | 16.00% |
| Debt to Equity Ratio(In Times) | 0.65 | 0.2 | 0.13 |
| Operating Cash Flows | -16.67 | -13.03 | -2.41 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| DSM Fresh Foods Limited | 130.73 | 13.04% | 6.92% | 24.71% | 0.65 | 225.1 | 24.87 |
| Chatha Foods Limited | 157 | 7% | 3.82% | 11.90% | 0.14 | 217 | 35.9 |
| Tasty Bite Eatables Limited | 554 | 9% | 4.69% | 11% | 0.23 | 2,368 | 63.2 |
| HMA Agro Industries Limited | 5133 | 2% | 1.71% | 11.80% | 0.68 | 1611 | 18.7 |
Lead Manager of DSM Fresh Foods Limited IPO:
Registrar of DSM Fresh Foods Limited IPO:
Discussion on DSM Fresh Foods Limited IPO:
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