Bengaluru-based Foodtech Start-up iD Fresh Food Garners INR 507 Crore from NewQuest Capital & Others
Foodtech business iD Fresh Food garnered INR 507 Cr ($68 Mn) in a Series D funding round headed by NewQuest Capital Partner and Premji Invest.
The firm, which was founded in 2005 by PC Musthafa, Abdul Nazer, Jafar, Noushad TA, and, Shamsudeen TK offers dosa and idli batter, as well as other culinary goods, in around 45 markets including Mumbai, Bengaluru, Pune, Hyderabad, Dubai, and other cities.
Along with Sequoia Capital, Bennet Coleman and Co Ltd, and Helon Venture Partners, Premji Invest is an existing investor in the business.
The Bengaluru-based foodtech business was recently the target of a WhatsApp disinformation campaign alleging that their idli and dosa batters included cow bones and calf rennet, which the company quickly debunked.
Last year, iD Fresh Food opened what it described as the world's largest idli-dosa batter facility in Anekal, Karnataka, at a cost of more than INR 50 crore. The business claims that its completely automated kitchen makes more than 1 lakh kg of batter and 3 lakh porotas every day.
It also sells Malabar Porota, wheat chapati, paneer, curd, instant filter coffee liquid, and bread in addition to dosa and idli batter.
iD Fresh Food cofounder and CEO PC Musthafa remarked, “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.”
According to Musthafa, the firm plans to extend its footprint across channels and regions, tighten supply chain procedures, and develop unique products in the next years to change the packaged fresh food industry not just in India, but globally.
In the next ten years, the Indian packaged food sector is expected to rise to $70 billion. Economic growth, the demographic dividend, and increased ecommerce penetration are all projected to contribute to this expansion.
Curefoods, a cloud kitchen business, announced the purchase of five direct-to-consumer food companies throughout the country yesterday. Rebel Foods, the foodtech unicorn, said last month that it would invest $150 million in targeted brand investments and acquisitions in India and throughout the world. The funds will be utilised to expand and create new collaborations with Indian and international businesses.
The firm, which was founded in 2005 by PC Musthafa, Abdul Nazer, Jafar, Noushad TA, and, Shamsudeen TK offers dosa and idli batter, as well as other culinary goods, in around 45 markets including Mumbai, Bengaluru, Pune, Hyderabad, Dubai, and other cities.
Along with Sequoia Capital, Bennet Coleman and Co Ltd, and Helon Venture Partners, Premji Invest is an existing investor in the business.
The Bengaluru-based foodtech business was recently the target of a WhatsApp disinformation campaign alleging that their idli and dosa batters included cow bones and calf rennet, which the company quickly debunked.
Last year, iD Fresh Food opened what it described as the world's largest idli-dosa batter facility in Anekal, Karnataka, at a cost of more than INR 50 crore. The business claims that its completely automated kitchen makes more than 1 lakh kg of batter and 3 lakh porotas every day.
It also sells Malabar Porota, wheat chapati, paneer, curd, instant filter coffee liquid, and bread in addition to dosa and idli batter.
iD Fresh Food cofounder and CEO PC Musthafa remarked, “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.”
According to Musthafa, the firm plans to extend its footprint across channels and regions, tighten supply chain procedures, and develop unique products in the next years to change the packaged fresh food industry not just in India, but globally.
In the next ten years, the Indian packaged food sector is expected to rise to $70 billion. Economic growth, the demographic dividend, and increased ecommerce penetration are all projected to contribute to this expansion.
Curefoods, a cloud kitchen business, announced the purchase of five direct-to-consumer food companies throughout the country yesterday. Rebel Foods, the foodtech unicorn, said last month that it would invest $150 million in targeted brand investments and acquisitions in India and throughout the world. The funds will be utilised to expand and create new collaborations with Indian and international businesses.
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