Zappfresh owner DSM Fresh Foods targets ₹600 crore revenue by FY28

DSM Fresh Foods plans to scale Zappfresh through a 200-store partner network, domestic frozen-food growth and exports. The company expects ₹70-80 crore in international frozen-food revenue this year as it broadens beyond fresh meat.

— Source published Thu, 20 Aug, 2026, 13:48 IST · First seen Thu, 20 Aug, 2026, 13:55 IST · Source The Hindu BusinessLine

What happened

Zappfresh owner DSM Fresh Foods targets ₹600 crore revenue by FY28, driven by a 200-store partner network, domestic frozen-food expansion and exports. The

Key facts

  • ₹600 crore revenue target by FY28
  • ₹220.8 crore FY26 revenue
  • 69% FY26 revenue growth
  • ₹31.1 crore EBITDA, up 91%
  • ₹14.3 crore net profit, up 59%
  • 200 physical stores planned by year-end
  • ₹70-80 crore international frozen-food revenue expected this year
  • Chicken accounts for about 50% of business
  • Two-hour delivery slot

Why this matters

The planned partner-store network and growing frozen-food exports position DSM Fresh Foods as a potential distribution, supply-chain or category-expansion partner in India’s organised fresh-food market.

What to watch

  • Actual number of active partner stores, not just signed partners, by year-end.
  • Revenue per partner store, freezer utilization and same-store sales after the first 90-180 days.
  • Whether international frozen-food revenue reaches the stated ₹70-80 crore range this year.
  • Mix shift between fresh meat, domestic frozen products and exports, including gross-margin commentary.
  • New cold-chain hubs, processing capacity, export-market certifications or overseas distribution agreements.
  • Evidence of delivery-radius expansion, click-and-collect integration or marketplace tie-ups around partner stores.
  • Standardize a partner-store model covering freezer equipment, replenishment cadence, quality controls, local marketing and unit-level profitability thresholds.
  • Use partner locations as pickup, rapid-delivery and sampling nodes rather than treating them solely as standalone retail outlets.
  • Prioritize high-velocity frozen SKUs with longer shelf life to improve cold-chain utilization and protect margins while expanding beyond fresh meat.
  • Build export-specific processing, certification and distributor capabilities so international frozen growth does not disrupt domestic supply reliability.
  • Track cohort performance by city: repeat rate, fresh-to-frozen cross-sell, average order value, spoilage, stock-outs and partner retention.