Hindustan Media Ventures Ltd on Tuesday said it will acquire a 3.54% stake for Rs 11.99 crore in DSM Fresh Foods, which operates direct-to-consumer online meat delivery brand Zappfresh.
The company entered into an agreement on Nov. 20, 2023, for making an investment of Rs 11.99 crore by subscribing to 807 equity shares of DSM Fresh Foods Pvt Ltd, constituting 3.54% holding of the fully diluted share capital of the target entity, Hindustan Media Ventures Ltd said in a regulatory filing.
"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.
Zappfresh has a wide range of meat products like chicken, mutton, seafood and speciality meats, it added.
In FY23 it had clocked a turnover of Rs 56 28 crore, the filing said.
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