On Tuesday, Hindustan Media Ventures Ltd announced its intention to purchase a 3.54% stake in DSM Fresh Foods, the company behind the direct-to-consumer online meat delivery brand Zappfresh, for a sum of INR 11.99 crore.
On November 20, 2023, the company finalized an agreement to invest INR 11.99 crore by subscribing to 807 equity shares of DSM Fresh Foods Pvt Ltd. This investment corresponds to a 3.54% stake in the fully diluted share capital of the target entity, as disclosed in a regulatory filing by Hindustan Media Ventures Ltd (HMVL).
“Investment is being made into a growing company that is doing well in the space of online delivery of meat products (fresh and ready-to-cook/eat),” HMVL said.
It further mentioned that Zappfresh offers an extensive variety of meat products, including chicken, mutton, seafood, and specialty meats.
According to the filing, it reported a turnover of INR 56 28 crore in the fiscal year 2023.