iD Fresh Food, India’s largest fresh food brand, today announced its unaudited financial results for the Fiscal Year 2020-21. Driven by 24% 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 INR 294 crore – a noteworthy growth from INR 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 INR 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% 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 INR 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”
Market research shows that the pandemic has spurred consumer demand for fresh and healthy foods that rank high on convenience and hygiene. iD’s USP of 100% natural, home-made style of preparation, without the use of any chemicals, preservatives, synthetic stabilizers, artificial colours, or flavours, ensured that the Bengaluru-based brand has strengthened its dominant market positioning.
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 favourite 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 & Dosa Batter, but Parotas which contributed 37% to the overall revenue. And, amongst the regions, Dubai earned us the most revenue- 24% – across all our product lines. For 2021-22, we plan to scale our dairy business by capitalising on the popularity of our Natural Paneer and Natural Thick Curd.”
During FY 2020-21, iD sold 10 crore parotas, 35 crore idlies 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 blockbuster iD Instant Filter Coffee Liquid, available in three blends – Strong, Bold & Intense.
Despite the pandemic in 2020 and subsequent slump in the market, iD Fresh actively hired over 150 people across all its functions. Among the key leadership hires were Rahul Gandhi, Chief Marketing Officer, Jaipal Singal, Chief Financial Officer, and Safeer B Mohammed, Chief Human Resources Officer among others. In the coming year, the brand aims to hire close to 500 people to keep pace with its expansion plans.
Since its inception in 2005, iD has used common sense to be at the forefront of innovation to revolutionise the way customers consume fresh food at home in over 45 cities across India, UAE and the US. iD’s extensive natural and organic product range includes Idly & Dosa Batter, Ragi Idly and Dosa Batter, Rice Rava Idly Batter, Malabar Parota, Wheat Parota, Wheat Chapati, Natural Paneer, Natural Thick Curd, ‘Squeeze and Fry’ Vada Batter, Smart Sip Tender Coconut, Grated Coconut in a Coconut and three customised blends of Instant Filter Coffee Liquid.