Startup ZappFresh, which sells meat in Delhi-NCR through its online platform, has acquired Dr.Meat for US$3 million as part of its strategy to enter the Bengaluru market.
ZappFresh said in a statement that the company has fully acquired Bangalore-based Dr.Meat, a brand operated by Sukos Foods.
The company did not disclose the deal value.
However, sources in the market said that the value of the deal is USD around 3 million.
It added that the acquisition of Dr. Meat aligns perfectly with ZappFresh's growth strategy and vision for the future.
ZappFresh aims to enter new markets with Bengaluru being the first target.
Deepanshu Manchanda, Founder of ZappFresh said, “Dr. Meat's proven ability to achieve significant scale without compromising its bottom line aligns strongly with ZappFresh's vision. We have been profitable for the past 4 years and expect to generate revenue of Rs 70 crore in 12 months in Bangalore alone, while targeting a top line of Rs 300 crore by the end of the 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 strengthen its presence in the market.
ZappFresh as a D2C brand has garnered significant support from several investors, including SIDBI VC, Dabur Family Office, Letsventure, Keritsu Forum, and several high- prominent angels from the food and tech sectors, the statement said.
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