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Zappfresh targets ₹600 crore revenue by FY28, plans 200 partner stores
DSM Fresh Foods’ Zappfresh targets ₹600 crore revenue by FY28, expanding to 200 partner-operated stores, scaling domestic frozen foods and pursuing exports across the UK, Europe, North America, UAE and Saudi Arabia.
Store and format facts
Figures from BL,
- ₹220.8 crore FY26 revenue
- ₹70-80 crore international frozen-food business target
Other figures
- 69% FY26 revenue growth
What it means for the format
Zappfresh’s plan for 200 partner-operated stores signals a major shift toward an omnichannel fresh-food model, requiring disciplined franchise operations, cold-chain execution and consistent in-store quality.
Next on the rollout
- Actual number of operational partner stores by year-end versus the 200-store goal.
- Store-level sales density, franchisee payback period, and evidence of closures or partner churn.
- Share of revenue from frozen and value-added products versus fresh meat and seafood.
- Gross-margin movement, spoilage/wastage rates, and cold-chain or food-safety incidents.
- New processing, warehousing, or refrigerated-logistics investments.
The counter-case
The case against this reading — not reported by the source.
The 200 partner-store target may create headline scale without proving durable economics: franchise/partner execution can dilute cold-chain control, product consistency and brand trust in a category where spoilage, hygiene and last-mile reliability are critical. A threefold revenue target to ₹600 crore by FY28 also appears ambitious unless Zappfresh can show repeatable store-level demand, positive contribution margins after delivery and discounting, and sufficient supply-chain capacity. Frozen-food expansion and exports add growth avenues but introduce entrenched competitors, working-capital needs, regulatory complexity and a potentially different consumer proposition from premium fresh meat delivery.
The source
First seen