India, Feb. 26 -- Even as regulations threatened to end its IPO dream, Zappfresh remained steadfast to its belief that it will become India's first profitable meat delivery startup to list publicly.

Zappfresh filed its draft papers for a public float on August 27 for listing as a small and medium enterprise (SME). But for six months after it filed the draft red-herring prospectus (DRHP), the startup remained silent on the issue. "A lot has happened since then," founder and chief executive Deepanshu Manchanda told Inc42.

The Securities and Exchange Board of India (SEBI) tightened the IPO rules for SMEs last December and brought in a host of changes aimed at protecting investor interests and enhancing market integrity. It mandated an earn...