Startup Funding

iD Fresh Food receives strategic investment from London-based private equity firm Apax Partners

Ready-to-cook foods company iD Fresh Food has raised a strategic investment from London-based private equity firm Apax Partners, which will acquire a significant minority stake in the Bengaluru-headquartered firm, marking one of Apax’s first pure-play consumer investments in India. While iD Fresh did not disclose the financial terms of the transaction, sources cited in media reports said Apax Partners is investing around Rs 1,300 crore for a 25% stake, valuing the company at approximately Rs 4,500 crore. As part of the deal, Apax will also acquire secondary stakes from existing shareholders Premji Invest and TPG NewQuest. “The Apax Funds’ investment will allow us to accelerate growth, build capacity, broaden our product range, and scale into more cities and markets,” founder and CEO PC Musthafa said. Founded in 2005 by Musthafa along with his cousins Abdul Nazer, Shamsudeen TK, Jafar and Noushad TA, iD Fresh built its brand around preservative-free, home-style idli and dosa batters....