iD Fresh Food secures strategic investment from Apax Funds to accelerate growth in India and Gulf Markets

5th January 2026

iD Fresh Food (“iD Fresh” or the “Company”), India’s leading clean label foods brand, today announced a strategic investment from Funds advised by Apax Partners LLP (“Apax”), the global private equity advisory firm. The Apax Funds will acquire a significant minority stake from existing shareholders Premji Invest and TPG NewQuest, both of which will remain investors alongside the Company’s co-founder, PC Musthafa, and the management team. Financial terms of the transaction were not disclosed.

Founded in 2005 in Bengaluru, iD Fresh was created to make fresh, preservative-free, traditionally prepared Indian food available at scale. From its origins supplying idli/dosa batter to local retailers, the Company pioneered a daily, direct-to-retailer cold-chain model that enables clean-label fresh products with a refrigerated shelf life of 5–7 days. Driven by strong consumer demand, iD Fresh has scaled to more than 50 cities across India and the Gulf and employs nearly 2,400 people today. Today, iD Fresh is India’s largest ready-to-cook fresh foods brand and the category leader in branded batter and Indian flatbreads, with an estimated 50–60% share in its core categories. Over the past few years, iD Fresh has demonstrated consistent and profitable growth, supported by double-digit EBITDA margins and overall growth of ~25%. Its portfolio includes Idli/Dosa batter, Indian flatbreads, accompaniments such as chutneys and sambar, and value-added dairy products.

PC Musthafa, co-founder & CEO of iD Fresh, said: “This partnership marks a defining moment in iD Fresh’s journey. From a modest batter-making unit to a brand trusted by millions of households, our growth has been anchored in one simple belief, that consumers deserve fresh, honest food with no shortcuts. The Apax Funds’ investment will allow us to accelerate growth, build capacity, broaden our product range, and scale into more cities and markets.” 

Harjot Dhaliwal, Partner and Head of India at Apax, said: “iD Fresh has delivered strong, consistent growth in large, under-penetrated markets. We will work closely with the management team and leverage our consumer-packaged goods expertise to accelerate growth, including expanding distribution into new cities and channels, strengthening the brand through marketing and category-building, driving innovation in adjacent product categories, and using technology and analytics to optimise the Company’s fresh, daily-delivered supply chain.”

Rohan Haldea, Partner at Apax, said: “iD Fresh sits at the intersection of several powerful, long-term trends in India – rising incomes, rapid urbanisation, and consumers’ desire for convenient yet fresh, clean-label food at home. The Company has pioneered an innovative cold-chain model, built a brand that is synonymous with quality in its categories, and delivered strong, consistent growth while scaling profitability. With this investment, we are excited to partner with iD Fresh to support its next phase of growth in India and internationally.” 

In the coming financial year, iD Fresh expects to build on its momentum through deeper penetration across domestic and international markets, new product innovations, accelerated channel expansion, and increasing consumer preference for fresh, convenient, clean-label food solutions.

The transaction is subject to customary regulatory approvals and closing conditions.