iD Fresh Food
Credit: Website/ iD fresh food
Bengaluru: Bengaluru-based iD Fresh Food has secured a strategic investment from Funds advised by Apax Partners, the global private equity advisory firm. Although the company did not disclose the funds raised, agencies reported that Apax Partners has invested over Rs 1,500 crore in the company to acquire a significant minority stake.
The Apax Funds will acquire a minority stake from existing shareholders Premji Invest and TPG NewQuest, both of which will remain investors alongside the company’s co-founder, PC Musthafa, and his cousins.
Founded in 2005 in Bengaluru, iD Fresh was created to make fresh, preservative-free, traditionally-made Indian food available at scale. It has expanded to more than 50 cities across India and the Gulf, employing nearly 2,400 people. Today, iD Fresh is the category leader in branded batter and Indian flatbreads, with an estimated 50-60% share in its core categories. Its portfolio includes idli/dosa batter, Indian flatbreads, accompaniments such as chutneys and sambar, and value-added dairy products.
“This partnership marks a defining moment in iD Fresh’s journey. The Apax Funds’ investment will allow us to accelerate growth, build capacity, broaden our product range, and scale into more cities and markets,” Musthafa said.
Apax Partner and Head of India Harjot Dhaliwal said, “We will work closely with the management team and leverage our consumer packaged goods expertise to accelerate growth, including expanding distribution into new cities and channels, strengthening the brand through marketing and category-building, driving innovation in adjacent product categories, and using technology and analytics to optimise the company’s fresh, daily-delivered supply chain.”
In the coming fiscal, iD Fresh expects to build on its momentum through deeper penetration across domestic and international markets, new product innovations and accelerated channel expansion.