Azim Premji-backed food tech startup iD Fresh Food on Tuesday announced the closing of Rs 507 ($67 million) crore Series D funding led by private equity firm NewQuest Capital Partner and its existing investors also participated in the round. Since its inception, the company has raked in $32 million from Premji Invests, Sequoia Capital, Helion Ventures and Bennett Coleman & Co. Ltd.
With the net proceeds from the investment, the company will use it for research and development, build capacities and expand its presence in India, UAE and the United States. The startup has also planned for expansion in the near future in markets like Singapore and Malaysia.
Incorporated in 2005, the company was founded by PC Mustafa and his four cousins Abdul Nazeer, Shamsudeen TK, Jafar TK, Ashwin and Noushad TA. The food-tech startup has diversified its product range such as vada batters, parottas, wheat chapatis, instant filter coffee liquid and paneer to its offerings.
Currently iD fresh has a market presence in 45 cities across 300,000 retail stores in India, UAE and the US. The company has also planned to have a manufacturing facility in the United States. “iD Fresh Foods is on track to achieve Rs 500 crores in revenue from operation in this fiscal. The company is also planning to launch an IPO in a couple of years,” said Jaipal Singal, Chief Financial Officer of iD Fresh Foods.
PC Musthafa, co-founder and CEO, iD Fresh Food said, the company will expand its presence across channels and geographies, as well strengthen our supply chain and introduce innovative products in the coming years.