Foodtech startup iD Fresh Food awards 27 employees with ESOPs worth Rs 46 crore
- ByStartupStory | July 9, 2022
iD Fresh Food, a food-tech firm, has launched its seventh round of Employee Stock Option Plan (ESOP) for 27 workers, including a driver and assistant, valued at Rs 46 Cr. The startup has so far awarded workers across many departments ESOPs totalling more than Rs 300 Cr. The junior management has been given access to 54% of these ESOPs.
PC Musthafa, co-founder of iD Fresh said, “During those difficult times, our wage checks were delayed by six months, but our dedicated crew remained supportive of us. Our goal is to help create at least 100 millionaires in the next three years by selling high-value shares for Rs 10 each, attracting the best employees from the market, and keeping the ones we already have.”
“As we explore new markets and continue to create new possibilities for a diverse group of professionals, while actively fostering a more inclusive workplace, we are thrilled to expand our 2,000+ workforce in the upcoming months,” he Musthafa.
To meet the rising demand, iD Fresh plans to enlarge its capacity, innovate its goods, and enter new markets. The startup oversees over 30,000 retail locations across India, the United Arab Emirates, and the US. It generated Rs 500 crore in income in the fiscal year 2021–2022. Startups in the food-tech space including Happilo, True Elements, and The Whole Truth compete with iD Fresh.
Also Read – Ashneer Grover Incorporates A New Company, ‘Third Unicorn Private Limited’
About iD Fresh :
The Bengaluru-based firm was established in 2005 by Musthafa, Abdul Nazer, Shamsudeen TK, Jafar, and Noushad TA. It distributes ready-to-make food in both local and foreign markets, including dosa and idli batter, rice, and rava among others. It received $68 Mn in capital from NewQuest Capital Partner and Premji Invest in January of this year for its Series D funding round.
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