Global private equity firm Apax Funds has acquired a significant minority stake in ready-to-cook fresh foods brand iD Fresh Food, per an announcement on Monday.
The stake was purchased from existing shareholders Premji Invest and TPG NewQuest, both of which will continue to remain invested in the company alongside co-founder PC Musthafa and his cousins, according to a press statement from Apax.
Financial terms of the transaction were not disclosed.
“The Apax Funds’ investment will allow us to accelerate growth, build capacity, broaden our
product range, and scale into more cities and markets,” said PC Musthafa, co-founder & CEO of iD Fresh in the statement.
Founded in 2005 in Bengaluru, iD Fresh Food was set up to scale the availability of fresh, preservative-free, traditionally prepared Indian foods. The company currently operates five manufacturing facilities across India and the GCC, serves over 50 cities, and employs around 2,400 people.
Its portfolio includes batters, Indian flatbreads, accompaniments such as chutneys and sambar, and value-added dairy products, sold across general trade, modern retail, foodservice and quick-commerce platforms.
In the coming financial year, iD Fresh expects to grow through deeper penetration across domestic and international markets, new product innovations, accelerated channel expansion, and increasing consumer preference for fresh, convenient, clean-label food solutions.
“We will work closely with the management team and leverage our consumer packaged goods expertise to accelerate growth, including expanding distribution into new cities and channels, strengthening the brand through marketing and category-building, driving innovation in adjacent product categories, and using technology and analytics to optimise the company’s fresh, daily-delivered supply chain,” said Harjot Dhaliwal, Partner and Head of India at Apax.
The Apax Funds invest in companies across three global sectors of tech, services, and internet/consumer. The firm has raised and advised funds with aggregate commitments of nearly $80 billion.
