Indian foodtech startup iD Fresh Food raises USD 68 million in Series D

India-based iD Fresh Food, an innovative startup that offers chemical-free, preservative-free, packaged Indian food with instant delivery, raised USD 68 million on 4th January 2022.

Investors: The investment was led by private equity firm NewQuest Capital Partner along with the existing investor, Premji Invest.

Purpose of funding: The new funding will allow the startup to expand its presence across key Indian markets, foster product innovation, build capacity, and improve its market leadership. As part of its global expansion plans, the company plans to establish Singapore and Malaysia soon.

About iD Fresh Food

Founded in 2005 by Abdul Nazer, Jafar TK, Noushad TA, PC Musthafa, and Shamsudeen TK, iD Fresh Food is located in Bengaluru, India. The startup offers instant delivery throughout India, chemical-free, preservative-free, packaged food. The startup aims to make healthy food accessible to everyone as part of its mission. Moreover, it received multiple agricultural certifications since the entire operation will be organic.

What the founder has to say

“I’m pleased to have NewQuest Partners as our new investor on board and thank Premji Invest for continuing to support iD in its journey. I believe that their confidence in us is testimony to iD’s continued growth and commitment towards building a sustainable and healthy future for all. I also thank the team at Helion for their constant support all these years and believing in us during tough times,” said PC Musthafa, Co-founder and CEO at iD Fresh Food.

What the investors have to say

“While there is a large opportunity set in the fresh food space, iD has a clear edge as a market leader with its deep understanding of consumer preferences and ability to innovate real-time and define industry benchmarks. Its indisputable leadership position is a testament to the quality of the founding team and the innovative and people-oriented business they have created. We’re excited to be a part of their journey and a part of the consumer revolution that they’re driving,” said Amit Gupta, Partner and Head of India and Southeast Asia at NewQuest Capital Partners.

“iD’s sales from e-commerce have grown by 300 percent, reflecting the massive growth opportunity that D2C promises. To provide consumers with broader access to iD’s products, iD has also partnered with BigBasket to launch a co-branded label, iD Fresho. The company intends to reach a million households in India with its D2C business and leverage its superior unit economics compared to all fresh food companies including the ones in the D2C space. It is well-positioned to continue building on all its channels and platforms in creating a seamless and delightful experience for its customers globally,” said Rahul Garg, Partner at Premji Invest.

---

 For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Next Article