Apax Partners Takes Significant Minority Stake in iD Fresh Food to Fuel Expansion
iD Fresh Food, the Bengaluru-based ready-to-cook food company, has received a strategic investment from funds advised by Apax Partners LLP, marking one of the largest recent private equity deals in India’s packaged foods sector. The Apax funds will acquire a significant minority stake from existing shareholders Premji Invest and TPG NewQuest, both of which will continue as investors, while co-founder and CEO PC Musthafa and his family will retain their holdings. Though financial details were not officially disclosed, people familiar with the development said the deal values the investment at over ₹1,500 crore, with Apax acquiring more than a 35% stake, subject to regulatory approvals.
Founded in 2005, iD Fresh has built a dominant presence in preservative-free, ready-to-cook traditional Indian foods through its direct-to-retailer cold-chain model, offering a five-to-seven-day refrigerated shelf life. The company operates across more than 50 cities in India and the Gulf, employs around 2,400 people, and leads the branded batter and Indian flatbread categories with an estimated 50–60% market share. With strong double-digit EBITDA margins and about 25% growth, its portfolio includes idli-dosa batter, parottas, flatbreads, chutneys, sambar, and value-added dairy products.
Musthafa said the funding will help accelerate capacity building, product innovation, and market expansion, reinforcing the brand’s commitment to “fresh, honest food with no shortcuts.” Apax Partners’ India head Harjot Dhaliwal said the firm will work closely with the management team to expand distribution into new cities and channels, while partner Rohan Haldea noted that iD Fresh is well-positioned at the intersection of rising incomes, urbanisation, and demand for convenient clean-label food. In the coming financial year, the company plans deeper penetration in domestic and international markets alongside new product launches and accelerated channel growth.
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