Dr. Meat is now owned by Zappfresh, which operates online fresh fish and meat retailers. This is Zappfresh’s first acquisition of it.
The purchase of Dr. Meat would open the door for ZappFresh to enter Bengaluru, one of the biggest markets for D2C meat brands.
Zapprresh stated in a press release that it aims to achieve topline revenue of Rs 70 crore from the Indian tech capital and total revenue of Rs 300 crore for the current fiscal year with this acquisition.
Dr. Meat, a meat supplier established in 2021, offers chicken raised on the outskirts of Bengaluru using sustainable breeding techniques. The company, according to the media, had losses of Rs 75 lakhs up until FY22 and was in the pre-revenue stage. It has not yet submitted its FY23 financial data to the RoC.
According to the statement, Zappfresh, which was backed by SIDBI VC, Dabour Family Office, and Let’s Ventures, is also looking to buy startups in the direct-to-consumer meat sector.
Zappfresh has not yet submitted its financial statements for FY23, but it appears to be the only business in its sector making money. According to media reports, the company’s operating revenue increased 13.% to Rs 56.4 crore in FY22, while its profit increased 2X to Rs 3.2 crore during the same period.
FreshtoHome, a direct rival of Zappfresh, reported Rs 102 crore in revenue and Rs 477 crore in losses in FY22, while Licious, backed by Temasek, had a topline of Rs 682 crore. In the same time frame, the D2C meat industry’s lone unicorn and posterboy lost Rs 855 crore.
