iD Fresh Closes Rs 507 cr in Series D funding led by NewQuest Capital & Existing Investor Premji Invest
ID Fresh Food, one of the fastest-growing and most innovative fresh food start-ups in India, announced the closure of its Series D funding round of Rs 507 crore. In one of the largest deals in the food start-up space, the round was led by Asia's leading secondary private equity firm, NewQuest Capital Partners, along with existing investor Premji Invest.
A testament to iD's incredible growth story is the exit of
Helion Ventures with 10x returns from multiple diggers. Kotak Mahindra Capital
acted as the exclusive financial advisor to the company and Helion.
The strategic fundraising reflects the brand's ambition to
further strengthen its market leadership in the new product business, encourage
product innovation, build capacity and expand its presence in key markets such
as India, UAE and the need for global expansion. There are plans that the
company plans to expand its footprint. In Singapore, Malaysia and other markets
in the near future.
Founded in 2005 by PC Mustafa, Abdul Nassar and their
brothers, ID raised $5.2 million in Series A funding from Helion Ventures in
2014 and $25 million from Premji Invest in 2017.
The company has experienced phenomenal growth across its
categories and channels and is on track to achieve a revenue rate of Rs 500
crore for the current financial year despite the pandemic and associated
challenges in the last two years. Last year, the company opened the world's
largest idli dosa factory in Anekal, Karnataka with a capital investment of
about Rs 50 million. Its fully automated spacious kitchen produces over 1,000
kilograms of flour and 3,000 parottes per day.
Mustafa said: “iD is a people brand driven by high ethical
standards. Values are vital to our growth. Fundraising is another milestone
in our journey, but the journey has just begun. and expand our footprint across
geographies, strengthen our supply chain practices and introduce innovative
products that will redefine the fresh packaged food space not only in India but
globally."
“While there is tremendous opportunity in the fresh food
space, ID has a clear advantage as a market leader with a deep understanding of
consumer preferences and the ability to innovate in real-time and set industry
benchmarks. Their unquestionable leadership is the quality and quality of the
founding team. They are a testament to the innovative, people-centric company
they have built,” said Amit Gupta, Partner and Head, India and Southeast Asia, NewQuest
Capital Partners.
“Our strong growth foundation and market dominance across
prestigious categories make ID the undisputed leader. We are well-positioned
for an aggressive period of growth over the next few years with plans to
complete an IPO, build a $1 billion company and consolidate our long-term
leadership position in the fresh food category," said Jaipal Singhal, CFO
Elemento's graffiti, id said.
To capitalize on the direct-to-consumer (D2C) $1 billion
opportunity, iD has transformed its distribution model and invested heavily in
growing its online presence. Her e-commerce sales are up 300%. Rahul Garg,
Partner, Premji Investment said, “It has partnered with BigBasket to launch a
co-branded label, ID Fresh.
Commenting on Helion's departure, Rajeev Kataria said:
"We recognized the potential of ID early on. We were very impressed with
the ID team. We are delighted to be able to create significant added value in
our collaboration with them.
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