Maker of ready-to-cook dosa and idli batter, iD Fresh Food, is ready to go international. With plans to enter the US, UK and Singapore markets this year to cater to the Indian diaspora in these countries. Popular in India, the company is also popular in packaged batter, Indian bread and other foods in the UAE.
PC Musthafa, Chief Executive at iD Fresh Food, told Economic Times, “We are already sending a test container to the US, while we will partner with a local manufacturer for the UK market. We will also be sending to Singapore from our Chennai facility.”
On Wednesday, iD Fresh raised Rs. 150 crore from Premji Invest, the investment office of Azim Premji. The office picked up a 25% stake in iD Fresh at a post-investment valuation of Rs. 600 crore, reported Economic Times. Rahul Garg, a partner at Premji Invest, will also join the board of iD Fresh. “There exists a billion-dollar opportunity in the space, where iD Food has clear market leadership due to its first-mover advantage,” said Garg.
“We will use the funds raised in the latest round to build as well as upgrade our existing facilities, establish new distribution networks and in R&D as well as marketing,” said Musthafa. “We will be looking to build smaller units overseas and scale them up based on market demand. Our manufacturing capacity for batter and parota will increase almost six-fold to 300,000 kg from four large plants in India and one in Dubai,” he added.