Big news for the D2C scene in India: iD Fresh Food, a food brand based in Bengaluru, just got a chunk of money from Apax Partners, a private equity firm in London. This investment is a big deal for iD Fresh as they want to get their products into more stores, areas, and sales channels, both in India and other countries.
Apax Partners is buying some of the shares from the original investors, Premji Invest and TPG NewQuest, and putting money directly into the company. Though the exact amount isn’t public, sources say Apax is investing around INR 1,300 Cr for a 25% stake, which values iD Fresh at about INR 4,500 Cr. If this is true, it’s one of the biggest D2C funding and private equity deals lately.
iD Fresh was started in 2005 by PC Musthafa and his cousins with a simple goal: to bring fresh, ready-to-cook food without preservatives to homes in India. Since then, they’ve become a well-known food and beverage brand, especially for their idli and dosa batter. Now, they’ve expanded to include frozen flatbreads, pancake and coffee mixes, and dairy items like curd and paneer.
The money from Apax Partners will go towards increasing production, improving their supply chain, and growing their D2C business into new markets, both in India and internationally. It’ll also help them come up with new products that appeal to people outside of South India and across different regional cuisines. This change has already helped their finances.
After making a profit in FY24 (INR 1.84 Cr), iD Fresh had a great FY25, reporting a profit before tax of INR 26.7 Cr. Their operating revenue went up to INR 681.37 Cr, and total revenue hit INR 688.22 Cr – a 22.3% increase from the previous year. Their profit grew to INR 25.87 Cr in FY25, showing they’re making more money from each sale and their D2C business is growing.
One secret to their success is their approach to sales. By using regular stores, modern retail, online stores, and quick commerce, they’ve found the best way to sell products that don’t last long while still growing the business. Their strategy is now a model for other fresh food brands in India.
Looking ahead, iD Fresh is getting ready to go public. They’re planning a pre-IPO sale of around INR 1,200 Cr and want to reach INR 1,100–1,200 Cr in operating revenue by FY27. With Apax Partners on board and a plan for growth, iD Fresh is in a good spot to become a top D2C brand and a success story in the Indian market.
