Zappfresh parent bought Ambrozia's business to take ready-to-eat food global

DSM Fresh Foods, parent of D2C fresh-meat delivery brand Zappfresh, has been growing 50-60% annually and is pursuing a roll-up of food categories.

Rs 8 crore primary investment for a 76% stake in Avyom Foodtech, with MD Deepanshu Manchanda infusing Rs 2 crore for 24%; enterprise value Rs 25 crore.

DSM Fresh Foods, founded by Deepanshu Manchanda, built Zappfresh into a D2C fresh-meat delivery brand, listed in 2025, and is now executing what Manchanda calls a roll-up: 'a conglomerate of food with multiple categories under one parent business.'

The company acquired Ambrozia Frozen Food's operating business through Avyom Foodtech — a business that generated Rs 13 crore revenue in FY25 and runs at a Rs 16 crore annual rate — gaining entry into ready-to-eat, ready-to-cook and international packaged foods, with a pipeline of further roll-up projects under evaluation.

Under the Meevaa brand, 15-20 RTE SKUs including momos, spring rolls and gravies will launch for online consumers, with packaged variants exported to Amazon in Europe and Noon in the Middle East. Global business is expected to contribute about 20% of revenues; Meevaa should add 15% of revenues next fiscal, scaling to 30-40% within 2-3 years.

The acquisition buys installed capacity at 25% utilisation — the cheapest way to add 150 SKUs of production capability.

It moves the company up the margin curve: 'we are very gung-ho on the value-added space because that's where we see margin expansion happening.'

It converts a domestic D2C brand into an exporter overnight, with Meevaa already present across the Middle East, Saudi Arabia, the UK, Europe and the US.

A D2C brand that has proven demand can buy under-utilised manufacturing capacity cheaply — 25% utilisation of a five-acre plant — and turn it into the export arm its next growth phase needs.

As of February 2026, DSM was launching Meevaa's first RTE products and preparing exports, with Manchanda describing a pipeline of further roll-up projects to build a multi-category food conglomerate.