Fresh food startup iD Fresh Food on Tuesday said it has raised Rs 507 crore in Series D round of funding led by Asia’s leading secondary private equity firm NewQuest Capital Partner along with existing investor Premji Invest.
Its early investor Helion Ventures exited with a 10X return after a seven-year investment, iD Fresh Food said in a statement. This new investment would help the Bengaluru-based company expand operations across key markets in India and other geographies. “The strategic fundraise reflects the brand’s ambition to further strengthen its market leadership in the fresh foods business, foster product innovation, build capacities and expand its presence across key markets in India, the UAE, and the US.
“As part of its global expansion plans, the company plans to extend its presence to Singapore, Malaysia and other markets in the near future,” it said. Founded by P C Musthafa, Abdul Naser and his brothers in 2005, iD Fresh Food had secured USD 5.2 million in Series A funding from Helion Ventures in 2014 and USD 25 million from Premji Invest in 2017. “The company has witnessed unprecedented growth across all its categories and channels — and is on track to achieve INR 500 crores in revenue (run-rate) for the current fiscal year, despite the pandemic and related challenges in the last two years,” it said.
iD Fresh Food co-founder and CEO P C Musthafa said:”In the coming years, we will expand our presence across channels and geographies, strengthen our supply chain practices and introduce innovative products that will redefine the packaged fresh food space not just in India, but across the globe.” NewQuest Capital Partners Partner and Head of India and Southeast Asia Amit Gupta said iD has a clear edge as a market leader with its understanding of consumer preferences and ability to innovate.
“Its undisputable leadership position is a testament to the quality of the founding team and the innovative and people-oriented business they have created. We are excited to be a part of their journey and a part of the consumer revolution that they’re driving,” he said. Currently, iD caters to over 45 cities, across 30,000 retail stores in India, UAE and US.
It has manufacturing plants in Bengaluru, Hyderabad, Mumbai and UAE. Besides, a manufacturing plant in the US is in the pipeline, iD Fresh Food added. Last year, iD Fresh Food had launched the world’s largest idli-dosa factory at Anekal in Karnataka with an investment of close to Rs 50 crore. Its fully automated Giant Kitchen produces over one lakh kg batter and three lakh parotas per day. Its product range includes idly and dosa batter, Malabar parota, wheat chapati, paneer, curd, instant filter coffee liquid and bread, among others.