Private Equity Firm NewQuest Capital Partners and Premji Invests infuse INR 507 crore in iD Fresh Food
- ByTejika Bajaj | January 6, 2022
Leading private equity firm NewQuest Capital Partners along with existing investor Premji Invest have recently infused a fresh capital of INR 507 crore in fresh food startup iD Fresh Food. Kotak Mahindra Capital acted as the exclusive financial advisor to the company for this round of investment.
Sources reveal that the startup intends to deploy the freshly infused funds to strengthen its market leadership in the fresh foods business, facilitate product innovation and build capacities. Furthermore, the startup also plans to expand its presence across key markets in India, UAE and the US. The company has also stated that as a part of its global expansion plans, it aims to extend its presence in Singapore, Malaysia and other prominent markets in the future.
Talking about the recent round of fundraise, the co-founder and CEO of iD Fresh Food, PC Musthafa said, “I’m pleased to have NewQuest Partners as our new investor on board, and thank Premji Invest for continuing to support iD in its journey. I believe that their confidence in us is testimony to iD’s continued growth and commitment towards building a sustainable and healthy future for all. I also thank the team at Helion for their constant support all these years and believing in us during tough times.”
Founded in 2005 by PC Musthafa, Abdul Naseer and his brothers, iD is a fresh food startup that is based out of Bangalore. The product range includes Idly and Dosa Batter, Malabar Parota, Wheat Parota, Paneer, Thick Curd, ‘Squeeze and Fry’ Vada Batter, Instant Filter Coffee Liquid, Sandwich White Bread and Wheat Sliced Bread. Currently, the company has manufacturing plants in Bengaluru, Hyderabad, Mumbai and UAE. iD’s manufacturing plant in the US is in the pipeline.
Follow Startup Story
Related Posts
