Bengaluru-based iD raises Rs 507 cr in Series D funding

iD Fresh Food raises Rs 507 cr in Series D round of funding to expand operations across key markets in India and other geographies.

The funding round lead by, Asia’s leading secondary private equity firm NewQuest Capital Partner along with existing investor Premji Invest. The early investor Helion Ventures exited with a 10X return after a seven-year investment, iD Fresh Food said in a statement.

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.

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.”

At the same time, 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.