Apax Partners has edged ahead of other private equity suitors and entered exclusive negotiations to pick up a significant minority stake in iD Fresh Food, multiple industry sources in the know told Moneycontrol.
The popular Bengaluru-based preservative-free, ready-to-cook brand is backed by the likes of TPG NewQuest and Premji Invest.
"Both the parties have entered into a phase of exclusive negotiations and Apax Partners is looking to pick up 30 percent stake. Currently it is seen as the front-runner for the proposed deal," said one of the persons cited above. Moneycontrol could not independently verify the selling shareholders.
A second person said that the estimated ticket size of the stake buy was around $150 million (Rs 1,338 crore), which translated into a valuation of around $500 million (Rs 4,460 crore) for the entire firm.
A third person confirmed the above.
All the three persons spoke to Moneycontrol on the condition of anonymity.
If talks with Apax Partners do not fructify into a final agreement, then other funds may make a comeback in the intensely contested stake sale process.
Permira Private Equity, ChrysCapital, Carlyle, L Catterton, Kedaara Capital, Verlinvest and Multiples are other private equity players which have been named in past reports as potential suitors.
When contacted, iD Fresh Food declined to comment in an email response. An email query sent to Apax Partners was left unanswered at the time of publishing this article. Reminders have been sent and this article will be updated as soon as we hear from the firm.
According to Trackn.com, iD Fresh food has raised total equity funding of $120 million, with a post-money valuation of $270 million as of December 2021.
In India, Apax Partners has backed firms ranging from Infogain, Zensar Technologies and IBS Software to IPO-bound Fractal Analytics, Healthium Medtech and Apollo Hospitals.
iD Fresh Food: Food For Thought
ID Fresh Food was set up back in 2005 by Chairman and Global CEO PC Musthafa and his four cousins in a small kitchen in Bengaluru.
Today, the firm is present across India, UAE, UK, US, Saudi, Oman, Qatar, Ireland and Singapore and provides ready-to-cook items ranging from idli-dosa batter, parota, paneer and curd to chutneys, sambar, ready mixes and instant filter coffee liquids.
According to a report dated October 28 by Entrackr, iD Fresh Food’s operating revenue rose to Rs 681.37 crore in FY25 from Rs 557.84 crore in 2025. The firm's profit rose to Rs 25.87 crore from Rs 4.43 crore in FY24.
In a recent interview to CNBC-TV18 , PC Musthafa said the firm was gearing up to list in October 2027.
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