iD Fresh, a venture funded by PremjiInvest, is considering a fundraising round as initial investors contemplate an exit.
In a significant development, iD Fresh Food India Pvt. Ltd., a leading ready-to-cook packaged food company specialising in idli and dosa batter, is planning a new fundraising round in 2025. This move could potentially provide an exit route for some of its early investors, including those like PremjiInvest, according to three individuals familiar with the development.
Based in Bengaluru, India, iD Fresh Food was founded in 2005 by P.C. Mustafa and his four cousins. The company was initially self-funded by these founders with capital increments over the initial years. In 2014, the company raised ₹35 crore in its first round of external funding from Helion Venture Partners, marking the entry of institutional investors beyond the founders. More recently, PremjiInvest has been a significant backer of iD Fresh Food.
The upcoming fundraising round could see some early investors considering partial or full exits. However, detailed confirmation on who specifically plans to exit has not been publicly disclosed. It's worth noting that the founders, P.C. Mustafa and his cousins, have been the initial capital investors since 2005.
Meanwhile, another Indian company, Creaegis, has led a Series C funding round in jewellery brand Giva. No specific details about the amount raised or investors involved in the potential fundraising round of iD Fresh Food India Pvt. Ltd were disclosed.
Elsewhere, Actis is reportedly selling Profectus to PE-backed Ugro Capital, although the terms of the sale were not provided in the article. Trident Growth Partners has also hired a senior executive from PremjiInvest, but the identity of the executive remains undisclosed.
In a separate development, Sixth Sense Ventures has achieved spectacular returns from a partial exit, although the specific details about the returns were not disclosed.
This represents a significant phase for iD Fresh Food as it looks to scale further while balancing investor returns. The company's focus on ready-to-cook idli and dosa batter products has made it a popular choice among consumers, positioning it well for future growth.
In the upcoming fundraising round, some early investors of iD Fresh Food India Pvt. Ltd., such as PremjiInvest, might consider partial or full exits, providing an opportunity for them to invest in other businesses or finance other ventures. Meanwhile, the founders, P.C. Mustafa and his cousins, have been the initial capital investors since the company's inception in 2005, demonstrating their commitment to the growth and success of their ready-to-cook packaged food business, focusing on idli and dosa batter.
