Packed Food delivering startup iD Fresh, has raised Series B funding of $25 Million (Rs.166 Crore) from the investment arm of Wipro billionaire Azim Premji and gains 25% stake in the startup. Previously, in October 2014 the startup raised Series A funding of Rs 35 crore from Helion Venture Partners.
The Bangalore-based startup was founded in the year 2006 by IIM-Bangalore alumnus, Mustafa PC. The startup has two production plants in Bangalore and one each in Chennai, Mumbai, Hyderabad, Mangalore and Dubai (Middle East). iD products are also supplied to distribution centres in Mysore and Pune, and the brand is also available with online grocers like BigBasket.
iD-fresh provides packed Indian foods. They are popularised for ready-to-cook products like idly and dosa batter, chapatis and Malabar parottas. The Fresh food brand aims to grow into a 1000 crore market leader and with the current investment, it is targeting revenue of INR 250 + Crores.
Chief executive PC Mustafa said, “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.”
Rahul Garg, a partner at PremjiInvest, will now join iD Fresh’s board, and said: “There exist a billion-dollar opportunity in the space, where iD Food has clear market leadership due to its first-mover advantage.”
iD Food has a current team of 1,000 members and has 21,000 stores around in India. The startup has set a goal to spread in 30 cities of the country in next 5 years.
Apart from selling in physical retail outlets, iD Fresh Food has also partnered with the online markets like BigBasket and Grofers. The startup plans to utilise the freshly raised funds in increasing the distribution reach, providing more retail stores in their network and expanding its products. Read more about startup funding.