Id Fresh Foods Ipo

Id fresh foods ipo

With Rs 150 crore from PremjiInvest, iD Fresh Food to enter US, UK and Singapore

The company's packaged batter, Indian breads and other foods are already popular in the United Arab Emirates, which has large populations of Indians.

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BENGALURU: iD Fresh Food, the maker of ready-to-cook dosa and idli batter, is preparing to enter the US, United Kingdom and Singapore this year to cater to the teeming Indian diaspora in those countries.

Id fresh foods ipo

The company's packaged batter, Indian breads and other foods are already popular in the United Arab Emirates, which has large populations of Indians.

"We are already sending a test container to the US, while we will partner with a local manufacturer for the UK market. We will also be sending to Singapore from our Chennai facility," chief executive PC Musthafa told ET.

iD Fresh on Wednesday raised Rs 150 crore from PremjiInvest, the private investment office of Azim Premji.

Id fresh foods ipo

The office has picked up a 25% stake in iD Fresh at a post-investment valuation of Rs 600 crore, according to a person familiar with the deal terms. Musthafa declined to disclose the deal terms.

Helion Ventures, which invested about Rs 35 crore in iD Fresh in October 2014, holds another 25% stake in the company.

Rahul Garg, partner at PremjiInvest, will join iD Fresh's board.

Id fresh foods ipo

"There exists a billion-dollar opportunity in the space, where iD Food has clear market leadership due to its first-mover advantage," said Garg.

iD Fresh makes and markets idli-dosa batter, wheat chapati, wheat parota, Malabar parota, paneer and curd.

"We will use the funds raised in the latest round to build as well as upgrade our existing facilities, establish new distribution networks and in R&D as well as marketing," said Musthafa, the son of a plantation worker and IIM-Bangalore graduate who began as a small-time batter seller in Bengaluru 10 years ago.

"We will be looking to build smaller units overseas and scale them up based on market demand," the CEO said.

The company expects to end fiscal year 2016-17 with a turnover of Rs 150 crore, below its targeted Rs 170 crore.

Corso ipo 1 milano

The firm, Musthafa said, registered Rs 100 crore in revenue last year, and is targeting a turnover of Rs 1,000 crore by 2021. "Our manufacturing capacity for batter and parota will increase almost six-fold to 300,000 kg from four large plants in India and one in Dubai," he said.

R Natarajan, chief operating officer at Ratan Tata's investment vehicle RNT Capital, is bullish about iD Fresh.

PC Musthafa - Harvard Kennedy School

"The demand for iD's products is inelastic because they meet needs of the middleclass," said Natarajan, a member of the company's board.