Fresh meat e-tailer Zappfresh has raised a funding of Rs 200 million, which will be used to expand to newer cities and strengthen its supply chain. The funding was led by Amit Burman, vice-chairman, Dabur India, and SIDBI Venture Capital.
“I see great potential in the ‘e-market for meat’ and Zappfresh has had an impressive growth story. The business model is innovative and the use of technology in the supply chain management has allowed for the possibility of a sustainable scale up capability. I look forward to be part of this venture and its success,” said Burman.
Since its inception in 2015, the company has raised $300,000 from angel investors and another undisclosed amount in 2016. The company managed to break even in the first eight months of its launch.
Deepanshu Manchanda, CEO & Co-Founder, Zappfresh said, “The company would use the funds to hire people in key departments and increase storage capacity. This investment will aid our back-end support along with expansion in newer markets after having laid a strong foundation in Delhi-NCR.”
According to reports, the domestic meat market is poised to grow at 15 per cent Compound Annual Growth Rate. As the market is unorganised, it has led to the birth of several online meat selling start-ups.
Bengaluru-based online fish and meat delivery platform Licious raised $10 million Series B funding last year. It aims to expand to 11 cities across India. Pune-based EasyMeat and MeatRoot are also looking to capture its share in the market, of which almost 90 per cent is held by butchers.