Startup ZappFresh, which sells meat in Delhi-NCR through its online platform, has acquired Dr. Meat in a deal value of USD 3 million as part of its strategy to enter the Bengaluru market.
The company has fully acquired Bengaluru-based Dr. Meat, a brand operated by Sukos Foods, ZappFresh said in a statement.
The company did not disclose the deal value.
However, the market sources said that the deal was valued at around USD 3 million.
The acquisition of Dr. Meat aligns perfectly with ZappFresh’s growth strategy and vision for the future, it added.
ZappFresh aims to enter new markets with Bengaluru being the first target.
Deepanshu Manchanda, founder of ZappFresh, said, “Dr. Meat’s demonstrated ability to achieve substantial scale without compromising its bottom line resonates strongly with ZappFresh’s vision. We have been profitable for the last 4 years and anticipate reaching revenue of Rs 70 crore within 12 months in Bengaluru alone, while targeting a top line of Rs 300 crore by the end of the fiscal year 2023-24.”
ZappFresh said it remains proactive in seeking additional opportunities for growth, and the acquisition of Dr. Meat is just the beginning.
The company is currently in talks regarding further acquisitions that will complement its expansion plans and enhance its market presence.
ZappFresh as a D2C brand has garnered significant support from many investors, including SIDBI VC, Dabur Family Office, Letsventure, Keritsu Forum, and several prominent angels from the food and tech sectors, the statement said.
Source: Business-Standard