Premji Invest, from Wipro chairman Azim Premji, has reportedly invested $25 million in Bengaluru-based food company, iD Fresh Foods. With this investment, Premji Invest acquired a 25% stake in the company.
Started in 2006 by Mustafa PC, it was originally a company that sold dosa batter out of a shop run by his cousins. Then in 2008, it morphed into iD Fresh Foods and Mustafa tapped into a market that was ready for ready-to-cook products. In a time when most people are busy and unable to cook full meals for families, the ready-to-cook industry is growing. And providing fresh batter for making idli and dosa at home has also risen. The company has seven factories across the country, including ones in Sharjah and UAE.
In 2015, the company received an investment worth $5 million from Helion Ventures for a similar stake. ID Fresh Foods currently operates in Chennai, Mumbai, Hyderabad and Bengaluru. Customers can buy their products on their website via Grofers, Big Basket and Zop Now. Mid-2016, iD Fresh Foods partnered with Nilgiris to produce dairy products that would be on shelves in Nilgiris outlets across South India.
For the 2015-16 financial year, the company made Rs. 100 crore in revenue and with this new round of funding, they are looking to grow its national footprint and expand the product portfolio. With their collaboration with Nilgiris, iD has introduced curd and paneer, and they’re looking to launch vada and rava idli batter soon as well.