VC firm Helion Venture Partners-backed iD Fresh Food, popular for its packaged idli and dosa batter, has reportedly raised $25 Mn funding from Premji Invest, the investment arm of Wipro billionaire Azim Premji.
With the investment, Premji Invest has acquired a 25% stake in the company at the latter’s valuation of $100 Mn. MAPE Advisory Group is the advisor to the deal.
iD Fresh was started in 2006 as a small store selling idli and dosa batter, operated by IIM Bangalore alumnus P.C. Musthafa and his cousins. It sells various packaged ready-to-cook products such as idli and dosa batter, Malabar parotas and whole wheat chapatis.
Currently, the company has seven factories manufacturing and packaging various products and retails these in several cities across south and west India such as Bangalore, Mumbai, Chennai, Hyderabad, Pune and Mysuru. The company has also expanded overseas to Dubai.
The raised capital will be utlised to grow iD Fresh’s presence across India and expand its product offerings.
Earlier in 2015, the company had raised $5 Mn in funding from Helion Ventures for a similar stake. The company currently facilitates trade on its website via Grofers, Big Basket, and ZopNow.