DSM Fresh Foods is India’s first profitable direct-to-consumer fresh protein platform, built to bring trust and hygiene to a market where roughly 90% of meat sales are still unorganized. Founded around 2015 as an experiment in delivering fresh meat to homes, it has since evolved into an integrated farm-to-fork company that now reaches consumers through its own app, retail stores, e-commerce platforms, and over 300 restaurant kitchens. The recurring approach is a disciplined city-by-city expansion, where the company builds its own cold chain and processing infrastructure before scaling, and an “acqui-hiring” model that buys local brands and rapidly integrates them into a profitable, tech-enabled supply chain. # Business segments A single fresh-protein platform with three reinforcing layers - a branded meat and seafood core, a frozen convenience-foods extension, and a backward-integrated aquaculture engine to secure its own fish supply. ## 1. Zappfresh: the branded fresh-protein core **A vertically integrated meat and seafood brand that cuts out middlemen from farm to doorstep, capturing margin at every step.** - **Cheaper raw materials than rivals** - the company sources directly from over 300 partner farms, bypassing the wholesale mandi, which gives it a 6-8% margin benefit. - **Bought, not just built** - three acquisitions were consolidated under the Zappfresh brand: Dr. Meat in 2023 (revenues grew nearly four times within a year), Bonsaro in 2024 (which provided a Mumbai foothold and was turned profitable in its first year), and Ambrozia in 2026 (which added an export-ready factory). - **Two channels, one cold chain** - the business serves both households and businesses from the same processing plants. About two-thirds of revenue comes from B2B clients like Hyperpure by Zomato, Zepto, and Buffalo Wild Wings, while the remaining third is direct-to-consumer via its app, Amazon, Big Basket, and roughly 100 co-branded neighborhood stores. - **Processes what it sells** - three automated meat-processing facilities in Delhi, Mumbai, and Bangalore have a combined annual capacity of about 3,300 tonnes, handling everything from slaughtering to portioning and packing, which captures an additional 12-14% margin that would otherwise go to traders. ## 2. Meevaa Foods: the frozen convenience-foods extension **A newly launched vegetarian frozen-snacks brand that uses the company’s acquired export-grade factory to reach Indian households and overseas markets.** - **Launched from an acquired platform** - the brand was born from the Ambrozia acquisition, a Chandigarh facility with four automated production lines, a 15-tonne-per-day capacity, and certifications from FSSAI, USFDA, and BRCGS that make it export-ready from day one. - **Built for the freezer aisle** - the initial lineup of 12 products, including samosas, momos, kebabs, and gravies, is blast-frozen at -18°C and free of preservatives and artificial colours, with new items planned every quarter. - **Already crossing borders** - within months of its February 2026 launch, the brand had exported to the US, Canada, and Saudi Arabia, and management expects 15-20% of frozen volumes to come from imports and exports. - **A bet on a single factory** - management believes the existing Chandigarh plant alone can eventually support ₹500 crores in revenue from the Meevaa brand, and a planned fundraise of about ₹100 crores is intended to expand capacity and retail reach. ## 3. Seafood and aquaculture: the backward-integrated supply engine **A network of fish-farmer partnerships and company-controlled ponds being stitched together to secure a predictable, cost-advantaged supply of freshwater fish.** - **Farmers as partners, not just suppliers** - the company has signed agreements with a 300-member fish-farmer collective in Kanpur and a cooperative in Kanpur, Uttar Pradesh, giving it priority access to harvests with pre-agreed pricing and quality protocols that reduce exposure to volatile open-market prices. - **Growing its own fish** - a land-development agreement for roughly 120 acres of aquaculture ponds in Kanpur, plus an additional 50 acres in Ghaziabad, puts the company directly into farming, with the first controlled harvests expected during FY27 and a target of nearly 500 tonnes of annual production across roughly 270 acres. - **A margin lever for the core business** - direct farming integration is expected to add 200-300 basis points of gross margin in the seafood vertical compared to buying from the open market, helping push fish and seafood’s share of total revenue from about 20% toward 30%. - **More than captive supply** - the aquaculture platform is designed to open additional revenue streams beyond feeding the Zappfresh brand, including direct institutional supply to hotels and restaurants, private-label processing for other brands, and export trading. # Group structure and partners **The listed parent company controls two subsidiaries - one for frozen-food manufacturing and one for aquaculture - while relying on a web of farmer alliances for its raw material.** - DSM Fresh Foods Limited is the listed entity, operating under the Zappfresh brand, with its main business clauses recently expanded to cover a broad range of food manufacturing, cold chain, and agricultural trading activities. - Avyom Foodtech Private Limited became a wholly owned subsidiary in June 2026 after a series of stake increases, and it holds the operational Ambrozia food-processing business via a slump-sale agreement that includes roughly 5 acres of land and a 30,000 sq. ft. export-compliant facility. - The fresh-protein supply chain is anchored by over 300 farmer partnerships, while the seafood engine is built on structured alliances with farmer producer organisations in Uttar Pradesh and Assam that aggregate output from hundreds of small fish farmers.