Bengaluru-based iD Fresh Food, known for its ready-to-cook staples like idli and dosa batter, is in advanced discussions with private equity firms including Carlyle, Kedaara, ChrysCapital, Multiples, and Verlinvest to raise about Rs 1,200 crore, The Economic Times (ET) reported.
According to ET, the fundraising size may eventually be scaled down as existing investors intend to offload only a small portion of their holdings, while the company itself has limited requirements for fresh capital. In parallel, iD Fresh has also approached high-net-worth individuals associated with 360 One Wealth and select family offices that may be open to smaller-ticket investments.
Founded in 2005 by techie-turned-entrepreneur Musthafa Cheriyammed Pathayikkode, iD Fresh Food counts PremjiInvest and TPG Newquest among its key backers. PremjiInvest, the family office of billionaire Azim Premji, had acquired a 25–30% stake in the company in 2017. The firm is currently valued between Rs 4,000 crore and Rs 5,000 crore, ET reported, adding that the fresh fundraise could defer its IPO plans by a few years.
The company has seen strong growth in recent years, with revenues rising 40–50% and annual sales nearing Rs 1,000 crore. iD Fresh reported its first profit in FY24 at Rs 1.8 crore on revenue of Rs 563 crore.
An executive aware of the talks told ET that investors are drawn to iD Fresh’s “differentiated model” of delivering fresh, preservative-free batters and expanding its ready-to-cook portfolio. However, valuation discussions are factoring in the rise of hyperlocal rivals and the firm’s ability to scale nationally while maintaining its daily-fresh supply chain.
The company now sells products like parathas, paneer, curd, and coffee, with a majority of its revenue coming from quick-commerce and e-commerce platforms.
According to Equirus Capital, India’s consumer sector recorded 115 M&A deals in January–September 2025, the highest in four years, with the food and beverages category leading the activity.
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