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. According to a statement from ZappFresh, the company has fully acquired Bengaluru-based Dr. Meat, a brand operated by Sukos Foods.
The company did not disclose the deal value. However, the market sources said the deal was valued at around USD 3 million.
It added that the acquisition of Dr. Meat aligns perfectly with ZappFresh’s growth strategy and long-term goals.
ZappFresh seeks to expand into new markets, with Bengaluru as its 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 claimed that the acquisition of Dr. Meat is just the beginning of its proactive pursuit of new growth opportunities.
The company is currently in discussions about further acquisitions that will promote its expansion plans and strengthen its market presence.
According to the statement, ZappFresh has received tremendous support from investors, including SIDBI VC, Dabur Family Office, Letsventure, Keritsu Forum, and several prominent angels from the food and tech industries.