?iD Fresh Food prepares to enter the US,UK and Singapore market
?iD Fresh Food prepares to enter the US,UK and Singapore market

iD Fresh Food, the maker of ready-to-cook dosa and idli batter, is preparing to enter the US, United Kingdom and Singapore this year to cater to the teeming Indian diaspora in those countries.

The company’s packaged batter, Indian breads and other foods are already popular in the United Arab Emirates, which has large populations of Indians.

PC Musthafa, Chief Executive, iD Fresh Food said, "We are already sending a test container to the US, while we will partner with a local manufacturer for the UK market. We will also be sending to Singapore from our Chennai facility."

iD Fresh raised Rs.150 crore from PremjiInvest, the private investment office of Azim Premji. The office has picked up a 25% stake in iD Fresh at a post-investment valuation of Rs.600 crore, according to a person familiar with the deal terms. Musthafa declined to disclose the deal terms.

Helion Ventures, which invested about Rs.35 crore in iD Fresh in October 2014, holds another 25% stake in the company.

Rahul Garg, partner at PremjiInvest, will join iD Fresh’s board.

Garg said, "There exists a billion-dollar opportunity in the space, where iD Food has clear market leadership due to its first-mover advantage."

Musthafa, Founder, iD Fresh, said, "We will use the funds raised in the latest round to build as well as upgrade our existing facilities, establish new distribution networks and in R&D as well as marketing."

The CEO said, "We will be looking to build smaller units overseas and scale them up based on market demand."

The company expects to end fiscal year 2016-17 with a turnover of Rs.150 crore, below its targeted Rs.170 crore and is targeting a turnover of Rs.1,000 crore by 2021.

He said, "Our manufacturing capacity for batter and parota will increase almost six-fold to 300,000 kg from four large plants in India and one in Dubai."

R Natarajan, chief operating officer at Ratan Tata’s investment vehicle RNT Capital, is bullish about iD Fresh.

“The demand for iD’s products is inelastic because they meet needs of the middleclass,” said Natarajan, a member of the company’s board.

 
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