Right on the heels of its aggressive expansion to US and UK markets, iD Fresh Food has announced its seventh round of Employee Stock Option Plan (ESOP) tranche for 27 employees for their contribution to the company’s success and continued growth through challenging times.
Since 2016, the company has granted around INR 300 crore worth ESOPs to employees across functions.
Employee stock options are increasingly in demand as workforces seek to benefit from companies’ long-term growth. iD Fresh Food has been at the forefront of offering ESOPs to employees beyond the senior management. In fact, 54% of the ESOPs offered till date are to the junior management, a testimony to its purpose-driven policy that has powered the growth of iD Fresh even during tumultuous times. Two of the recipients of the current round serve the company as driver and helper.
The decision reiterates iD Fresh Food’s commitment to providing equitable opportunities of wealth creation for all employees in recognition of their hard work and commitment. Some of the employees who were accorded ESOPs have been associated with the company since its fledgling stages and have persevered to make the brand a resounding success.
PC Musthafa, Co-founder and CEO, iD Fresh Food said, “At iD, we strongly believe that trust and transparency are the most critical factors for any relationship – be it with our customers, partners, stakeholders, associates, or our employees – to thrive. Over the last 15 years, we have overcome several difficulties together as a team, with the single-minded focus of delivering authentic, traditional, homemade food to all our customers, every single day. Today, as we expand our global footprint, we are grateful to our long-serving employees who have stood by us through thick and thin. In our inspiring journey so far, it is our employees who are truly deserving of all the success we have earned. During the tough times, our salary payments were delayed by six months, nevertheless, our committed team continued to support us during those days. Our latest ESOP grant is a small effort to thank them for their valuable contributions. In the coming months, we are excited to augment our 2,000+ workforce as we explore new markets and continue to create new opportunities for a diverse set of professionals, while actively creating a more inclusive workplace. Our aspiration is to help create a minimum of 100 crorepatis (millionaires) in the next 3 years by offering high-value shares at Rs 10/share and attract best talent from the market and retain/reward the existing ones.”
Shedding light on iD’s rural initiatives Musthafa said, “We at iD have always had a special focus in identifying and providing opportunities to talents from small towns and villages of India. Over 80% of our employees are from rural India who undergo various skill training programmes at iD including soft skills, effective communication, skills to augment selling, etc. This is something that I’m personally involved in and committed to, as I believe, India’s next phase of growth can happen only if we empower the rural youth and provide them with equitable opportunities.”
In January 2022, iD Fresh Food raised INR 507 crore in Series D funding round from existing and new investors. The focus now is on product innovation, expanding to new markets, and building additional capacity to cater to the ever-growing demand for its fresh and healthy product range. Currently, iD Fresh Food’s product range includes Idly and Dosa Batter, Ragi Idly and Dosa Batter, Rice Rava Idly Batter, Malabar Parota, Wheat Parota, Wheat Chapati, Home-style Paratha, Soft & Creamy Paneer, Creamy Thick Curd, ‘Squeeze and Fry’ Vada Batter, Instant Filter Coffee Liquid, Sandwich White Bread and Wheat Sliced Bread.
Founded in 2005 by five cousins – PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar TK, and Noushad TA – iD Fresh Food has evolved from its humble kitchen in Tippasandra to HACCP® compliant factories across the globe. The company takes immense pride in producing and delivering fresh food that is free from any preservatives, chemicals, or artificial flavours. The company retails to more than 30,000 offline outlets across India, UAE, and the US, clocking revenues in excess of INR 500 crores in FY 2021-22.