NEW DELHI, Nov. 25 -- Recently listed Zappfresh is preparing to make its boldest bet yet. Barely a month after beating bigger rivals Licious and FreshToHome to the public markets through an SME IPO that ended up undersubscribed, the Gurugram-based meat brand now wants to push into the far more capital-intensive frozen foods business, including vegetarian products.

It's an ambitious pivot for a company with just $16 million in funding, especially in a space where deep pockets, cold-chain discipline and patient capital tend to determine who survives. That tension sits at the heart of Zappfresh's next chapter: the firm wants to grow beyond fresh meat and build a broader frozen portfolio. Doing so, however, demands heavy investment in freezi...