iD Fresh Food, India’s largest fresh food brand, has announced its unaudited financial results for FY 2020-21. Driven by 24 percent growth year-over-year, the Bengaluru-based company is poised to leverage its leadership position in the booming fresh food segment with strategic investments in new plants and expansion to new domestic as well as international markets.
Funded by Premji Invest, Azim Premji’s investment arm, and Helion Venture Partners, iD clocked a revenue of Rs 294 crore, a noteworthy growth from Rs 238 crore in 2019-20. That too, in a year marked by global disruptions due to the Covid-19 pandemic. For FY 2021-22, the company is looking at an ambitious target of Rs 500 crore, as the stage gets set for its next round of funding.
Commenting on the company’s performance and future plans, PC Musthafa, CEO and Co-Founder of iD Fresh Food, said, "2020-21 has been a tough financial year and I am extremely proud of the fact that we, at iD, continued with our mission to serve people despite the challenges. In fact, we emerged stronger and more resilient from the crisis. Our revenue growth is driven not just by our wide range of fresh food products across domestic and international markets, but also by our consumers’ 100 percent trust in the brand. It inspires us to dream bigger and makes us feel confident about our ability to perform well in 2021 and beyond."
"This year, we plan to invest nearly Rs 100 crore in new production plants in Delhi, Hyderabad, and the US. We also hope to increase our footprint in key domestic markets such as Chennai, Delhi, Pune, Hyderabad, and Kolkata, as well as overseas markets in Saudi Arabia, Oman, Bahrain, and Qatar. This is going to be an exciting year for all of us," he added.
Rahul Gandhi, CMO, iD Fresh Food, noted, "While the pandemic has impacted all global businesses significantly, it has also helped present new opportunities to brands that cater to evolving consumer demands. Last year, we introduced new technology and business models like the iD Store Finder and iD Trust Shop 2.0 to help our customers access their favorite iD products. As India’s largest fresh food brand, we saw the pandemic driving the sales of our flagship Idly & Dosa Batter, Parotas as well as Instant Filter Coffee Liquid to new heights. In fact, for the first time, our top-selling item wasn’t Idly and Dosa Batter, but Parotas which contributed 37 percent to the overall revenue. And, amongst the regions, Dubai earned us the most revenue 24 percent across all our product lines. For 2021-22, we plan to scale our dairy business by capitalizing on the popularity of our natural paneer and natural thick curd."
During FY 2020-21, iD sold 10 crore parotas, 35 crore idlis and dosas, 4.3 crore chapatis, and 2 crore cups of filter coffee. In February 2021, the company launched its first e-commerce platform for its iD Instant Filter Coffee Liquid, available in three blends - strong, bold and intense.