Dosa maker iD Fresh Food on Tuesday announced that it has raised Rs 507 crore Series D round of funding from Hong Kong-based private equity firm NewQuest Capital Partners, others.
The funding round also saw participation from existing investor, Premji Invest, with Helion Venture exiting the Bengaluru-based company at 10x returns.
"The fund raise is yet another milestone in our journey but the ride has just begun. In the coming years, we will expand our presence across channels and geographies, strengthen our supply chain practices and introduce innovative products that will redefine the packaged fresh food space not just in India, but across the globe,” shared PC Musthafa, CEO, iD Fresh Food.
The company is planning to expand its presence in Singapore, Malaysia and other markets in the near future.
Founded by PC Musthafa, Abdul Naser and his brothers in 2005, iD Fresh had secured $5.2 million in Series A funding from Helion Ventures in 2014 and $25 million from Premji Invest in 2017.
“While there is a large opportunity set in the fresh food space, iD has a clear and as a market leader with its deep understanding of consumer preferences and ability to innovate real-time and define industry benchmarks,” said Amit Gupta, Partner, NewQuest Capital.
The Bengaluru-based brand manufactures and sells ready-to-make foods like idli/dosa batter, parotas, vada batter, chapati, paneer, among others.
Kotak Mahindra Capital acted as the exclusive financial advisor to the company and Helion.
The company is also aiming at strengthening its market leadership in the fresh foods business, foster product innovation, build capacities and expand its presence across key markets in India, the UAE and the US.
“We’re well poised for an aggressive phase of growth with plans to launch an IPO in the next few years, creating a billion-dollar enterprise and solidifying our longstanding leadership position in the fresh food category,” added CFO Jaipal Singa.
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