iD Fresh Food announced the closing of its INR 507cr Series D round of funding. In one of the largest deals in the food start-up space, the round was led by NewQuest Capital Partners along with the existing investor, Premji Invest.
Testimony to iD’s incredible growth story is Helion Ventures’ exit with a multi-bagger 10X return.
Kotak Mahindra Capital acted as the exclusive financial advisor to the company and Helion. The strategic fund raise reflects the brand’s ambition to further strengthen 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. As part of its global expansion plans, the company plans to extend its presence to Singapore, Malaysia and other markets in the near future.
PC Musthafa, Co-founder and CEO, iD Fresh Food commented on this ” iD is a people’s brand, driven by high ethical standards. Values are vital to our growth. I’m grateful to our loyal customers for their constant love and support. iD is what it is today because of them, and because of the strong commitment of our team to find solutions to common, everyday problems. 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.”
iD, founded by PC Musthafa, Abdul Naser and his brothers in 2005 had secured US$5.2 million in Series A funding from Helion Ventures in 2014 and US$25 million from Premji Invest in 2017.