The Bengaluru-based company iD Fresh Foods is ready to spread its wings to the US, UK, Malaysia, and Singapore this year as per sources. Co-founder and CEO of iD Fresh said “we plan to make our fresh food available to the world.” It also plans to set up manufacturing facilities in overseas markets to capitalize on the pandemic including demand for convenience food.
iD Fresh has four manufacturing facilities in Bengaluru, Hyderabad, Mumbai, and the UAE. Its Delhi plant is getting ready by this June he said. “We are planning to set up one more plant in Kolkata, and that should be good enough to serve India.” The growth in market share by 65% of South Indians in the US, know the brand, North Indians also like the product, and the market captured around 30-35%.
The company secured $5.2 million in Series A funding from Helion Ventures in 2014 and $25 million from Premji investment in 2017. “Helion ventures exited with a 10 times return after a seven-year investment,’ CEO said. The company has doubled its business from Rs 210 crore in the financial year 2019 to Rs 411 crore in 2022. iD Fresh is also looking at freshly marketing its dairy products. It also plans to scale up its distribution to 40,000 outlets up from the current 31,000 across 45 cities. It is also looking at more products in the fresh category. iD fresh expects to end fiscal 2022-23 with a turnover of Rs 700 crore, below its targeted Rs 1,000 crore, owing to the COVID-19 pandemic.