India-based food startup iD Fresh Food has raised 5.1 billion rupees (US$67.8 million) in a series D round co-led by NewQuest Capital Partners and Premji Invest.
ID Fresh Food co-founder and CEO PC Musthafa / Photo credit: iD Fresh Food
One of iD Fresh Food’s previous investors, Helion Ventures, exited the company with a 10x return, according to the food startup.
The latest funding takes iD Fresh Food’s valuation to over US$260 million, a source told Tech in Asia.
Founded in 2005, iD Fresh Food caters to over 45 cities across 30,000 retail stores in India, the United Arab Emirates (UAE), and the US. The brand’s product range includes idli and dosa batter, breads, and curd. It is planning to set up a manufacturing plant in the US.
The company will use the funds to strengthen its market presence in the fresh foods business, foster product innovation, build capacities, and expand its presence across key markets in India, the UAE, and the US. It also has plans to enter Singapore and Malaysia in the near future.
Currency converted from Indian rupee to US dollars: US$1 = 74.5 rupees.
Editing by Collin Furtado and Lorenzo Kyle Subido
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