iD Fresh Food Acquisition, Valuation, Funding & Investors

iD Fresh Food was acquired by Apax Partners, Premji Invest and TPG for $493M in January 2026, a 6.6x multiple on $75M of revenue.

iD Fresh Food acquisition price

$493M

Acquired by Apax Partners, Premji Invest +1 · Jan 2026

iD Fresh Food revenue at acquisition

$75M

Last twelve months · Jan 2026

iD Fresh Food revenue multiple at acquisition

6.6x

EV/Revenue · Jan 2026

Cumulative funding iD Fresh Food raised

$99M

across 3 funding rounds

iD Fresh Food Overview

About iD Fresh Food

iD Fresh Food is a Bangalore-based producer of ready-to-cook batters for idlis, dosas, and other South Indian dishes. The company operates manufacturing plants in Bangalore, Chennai, Mumbai, Hyderabad, Mangalore, and Dubai, supplying to distribution centers in Mysore and Pune plus online platforms like BigBasket.


Founded

2005

HQ

IndiaBangalore

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$93M (Nov 2026)

Valuation

$527M (Nov 2026)

iD Fresh Food Acquisition

iD Fresh Food was acquired by Apax Partners, Premji Invest and TPG for $493M on 5 January 2026.

The acquisition price implies a 6.6x revenue multiple on $75M of revenue.

Before the acquisition iD Fresh Food had raised $99M across 3 funding rounds.

iD Fresh Food, founded in 2005 by PC Musthafa and family members in Bengaluru, India, manufactures ready-to-cook products including idli and dosa batter, whole-wheat parathas, curd, paneer, instant filter coffee, frozen fruit pulp, and chutneys, operating a cold-chain distribution model for fresh, clean-label foods with a 5-7 day shelf life. The company reported FY25 revenue of Rs 681.38 crore, up 22% year-over-year, achieved profitability in FY24, and plans a public listing in 2027. Apax Partners, a UK-based private equity firm, acquired a significant minority stake of approximately 25-35% through a secondary transaction from existing investors Premji Invest and TPG NewQuest, who retain partial stakes, in a deal valued at Rs 1,300-1,500 crore (US$185 million) that implies a company valuation of nearly Rs 4,500 crore. Apax outbid competitors including Carlyle, Kedaara, Permira, ChrysCap, Multiples, and Verlinvest in one of its first pure-play consumer investments in India, betting on trends like rising incomes, urbanization, premiumisation in ready-to-cook breakfast staples, and growing demand for convenient foods amid higher disposable incomes and digital adoption. The investment supports expansion of manufacturing capacity, product range, geographic footprint in India and Gulf markets including UAE, cold-chain packaging and logistics, retail channels, brand marketing, category-building, innovation in adjacent categories, and supply chain optimization using technology and analytics. Deal terms are finalized but subject to regulatory approvals and customary closing conditions. This transaction aligns with PE interest in India's food and beverages sector, following deals like L Catterton in Haldiram Snacks and General Atlantic in Balaji Wafers, as consumers shift toward fresh, no-shortcut options in a market driven by young demographics and global trend exposure.

iD Fresh Food acquisition details
AcquirerDateTypePriceEV/Revenue
  • Apax Partners
  • Premji Invest
  • TPG
5 Jan 2026PE buyout$493M6.6x

Sources: vccircle.com

iD Fresh Food Valuation

iD Fresh Food is currently valued at $527M, based on its secondary sale in November 2026. Read the announcement ↗

The round was led by Upsurge India and White Whale Ventures.

iD Fresh Food's valuation has grown 5.3x from $100M at its Series B in March 2017 to $527M in November 2026, across 2 priced rounds.

iD Fresh Food valuation by funding round

Revenue multiple
iD Fresh Food valuation by funding round
DateStageValuationRevenue Multiple
Nov 2026Secondary$527M5.7x
Mar 2017Series B$100M1.4x

iD Fresh Food Revenue

iD Fresh Food's latest recorded revenue is $93M, as of its secondary sale in November 2026. At a $527M valuation, that implies a 5.7x revenue multiple.

Revenue grew from $73M in March 2017 to $93M in November 2026, while the revenue multiple moved from 1.4x to 5.7x.

iD Fresh Food revenue by funding round

iD Fresh Food revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2026$93M$527M5.7xSecondary
Jan 2022$51M--Series D
Mar 2017$73M$100M1.4xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

iD Fresh Food Funding History

iD Fresh Food has raised a total of $99M across 3 funding rounds, plus 1 secondary share sale.

iD Fresh Food's first fundraising round was a $6M Series A in October 2014. The most recent completed round was a $68M Series D in January 2022.

iD Fresh Food funding rounds

iD Fresh Food funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2026SecondaryUpsurge India (lead); White Whale Ventures (lead)-$527MUpsurge India led a secondary transaction in iD Fresh Food in November 2026, worth over Rs 50 crore for around 1 percent of the company's equity. White Whale Ventures and Triumph Global Fund co-led the buying group, and other institutional buyers were reported to have competed for the shares. The seller was early investor Blue Ashva Capital, which sold its entire shareholding and fully exited. No new capital went into the company, and the valuation of this transaction was described as confidential. iD Fresh Food is a Bengaluru-based maker of fresh, preservative-free, ready-to-cook Indian food products such as batters, flatbreads and related items. It was founded in Bengaluru in 2005 and is led by chief executive Musthafa P. The company reported revenue from operations of Rs 879.3 crore in FY26, up 28 percent. Apax Partners took an earlier minority stake in the company at an implied valuation of about Rs 4,400 crore.
Jan 2022Series DNewQuest Capital Partners (lead); Premji Invest$68M-NewQuest Capital Partners and Premji Invest led a Rs 507 crore Series D round in iD Fresh Food in January 2022, with Bennett Coleman and Company (the Times Group) also participating. The round was reported as a secondary-heavy transaction that gave an exit to earlier backer Helion Venture Partners. The company said the funds would support expansion in the United States and the Gulf region, a move into the United Kingdom, and new factories in Hyderabad and Delhi over the following 12 to 18 months. Premji Invest had first invested in 2017, following seed funding from Sequoia Capital India in 2014. iD Fresh Food was founded in 2005 by PC Musthafa and family and is based in Bengaluru. It makes preservative-free ready-to-cook foods, led by idli and dosa batter, along with Malabar parota, chapati, chutneys and dairy products such as curd and paneer. It sells across Indian cities and the Gulf through a cold-chain distribution model and employs about 2,400 people.
Mar 2017Series BPremji Invest (lead)$25M$100MPremji Invest invested $25 million in iD Fresh Food in March 2017 for a 25% stake, valuing the company at about $100 million. The round followed an earlier investment by Helion Venture Partners, and a Premji Invest partner joined the board. The company said it would use the funds to build category awareness, expand across 14 cities and the UAE, add manufacturing capacity and strengthen its team. iD Fresh Food is a Bengaluru-based maker of ready-to-cook fresh packaged foods, founded in 2005 by Musthafa Cheriammed Pathayickode. Its products include idli and dosa batter, parotas and chutneys, made without preservatives and sold through physical retail and online grocery partners including BigBasket and Grofers. Premji Invest cited the management team and the large market for fresh foods among Indian consumers as reasons for the investment.
Oct 2014Series ABrand Capital; Bennett Coleman and Co Ltd; Helion Venture Partners$6M--

Who has invested in iD Fresh Food?

7 investors have backed iD Fresh Food across its funding rounds, including Premji Invest, Brand Capital, Helion Venture Partners, Bennett Coleman and Co Ltd, NewQuest Capital Partners and White Whale Ventures.

Lead investors include Upsurge India, White Whale Ventures, NewQuest Capital Partners and Premji Invest.


iD Fresh Food Investors

Investors in iD Fresh Food by funding rounds participated
InvestorHQRoundsRoleFirst check
Premji InvestIndiaBangalore2LeadMar 2017
White Whale VenturesIndiaMumbai1LeadNov 2026
Upsurge IndiaIndiaMumbai1LeadNov 2026
NewQuest Capital PartnersHong KongHong Kong1LeadJan 2022
Brand CapitalIndiaMumbai1ParticipantOct 2014

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iD Fresh Food Competitors

iD Fresh Food competitors include listed companies like Tiv Taam Holdings and ForFarmers, and private ones like Oishii, ShengXianChuanQi, Hint and Captain Fresh.

Public and private companies comparable to iD Fresh Food
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
OishiiUnited StatesJersey City, NJPrivate--$584M-
ShengXianChuanQiChinaHefeiPrivate--$435M-
Tiv Taam HoldingsIsraelIsraelPublicly listed$639M$77M$377M-
ForFarmersNetherlandsNetherlandsPublicly listed$3.5B$154M$530M0.2x
HintUnited StatesSan Francisco, CAPrivate--$522M-
Captain FreshIndiaBangalorePrivate--$521M-

iD Fresh Food Public Comps

iD Fresh Food is no longer listed, but its public comps include ForFarmers, High Liner Foods, Efor Cay, Nichols, HelloFresh, Vadilal Industries, Arabian Mills, Atria, Fonterra Shareholders' Fund and Fourth Milling.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ForFarmers$3.5B$154M0.2x0.2x4.7x4.2x
High Liner Foods$1B$90M0.8x0.8x9.5x7.2x
Efor Cay$246M$12M2.4x-50.2x-
Nichols$235M$40M1.9x1.8x11.4x9.1x
HelloFresh$7.6B$240M0.1x0.1x1.8x1.1x
Vadilal Industries$159M$28M3.4x-19.2x-
Arabian Mills$266M$101M2.7x2.6x7.2x6.6x
Atria$2B$143M0.4x0.4x6.0x5.5x

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Common questions about iD Fresh Food

When was iD Fresh Food founded?iD Fresh Food was founded in 2005.
Where is iD Fresh Food headquartered?iD Fresh Food is headquartered in Bangalore, India.
Is iD Fresh Food publicly listed?No, iD Fresh Food was acquired by Apax Partners, Premji Invest and TPG in January 2026.
Who acquired iD Fresh Food?iD Fresh Food was acquired by Apax Partners, Premji Invest and TPG in January 2026.
How much was iD Fresh Food acquired for?iD Fresh Food was acquired for $493M in January 2026, a 6.6x revenue multiple.
What is iD Fresh Food's valuation?iD Fresh Food was last valued at $527M in its secondary sale in November 2026.
How much funding has iD Fresh Food raised?iD Fresh Food has raised $99M across 3 funding rounds.
What was iD Fresh Food's last funding round?iD Fresh Food's last funding round was a $68M Series D in January 2022, led by NewQuest Capital Partners.
Who are iD Fresh Food's investors?iD Fresh Food's investors include Premji Invest, White Whale Ventures, Upsurge India, NewQuest Capital Partners, Brand Capital, Bennett Coleman and Co Ltd and Helion Venture Partners.
What is iD Fresh Food's revenue?iD Fresh Food's latest recorded revenue is $93M (November 2026).
What is iD Fresh Food's revenue multiple?iD Fresh Food's latest valuation implies a 5.7x revenue multiple ($527M valuation on $93M of revenue).
Which companies are comparable to iD Fresh Food?Companies comparable to iD Fresh Food include Oishii, ShengXianChuanQi, Tiv Taam Holdings, ForFarmers, Hint and Captain Fresh.

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