Food Startup iD Fresh Food Achieves Profitability in FY24, Records A New Milestones with INR 1.8 Cr PAT

Manvendra HadaOctober 19, 2024

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Three points you will get to know in this article:

ID Fresh Food recorded a net loss of INR 23.25 crore in FY23.
The Bengaluru-based business increased its operational revenue by 16% to INR 395.76 Cr in FY24 from INR 340.9 Cr the previous year.
iD Fresh Food distributes packaged ready-to-cook and frozen food goods such as several types of idli and dosa batter, parotas, chapati, paneer, and curd.

ID Fresh Food Becomes profitable, Clocks Impressive Profit, Revenue Numbers

ID Fresh Food achieved profitability in the fiscal year 2023-24 (FY24). The ready-to-cook food company posted a net profit of INR 1.84 crore in the fiscal year under review, compared to a loss of INR 23.25 crore in FY23.

The turnaround came as a result of the startup lowering its cash burn.

The Bengaluru-based business increased its operational revenue by 16% to INR 395.76 crore in FY24, up from INR 340.9 crore the previous year.

What Products Does ID Fresh Food Offer?

PC Musthafa, Abdul Nazeer, Shamsudeen TK, Jafar, and Noushad TA founded iD Fresh Food in 2005. The company sells packaged ready-to-cook and frozen food goods such as idli and dosa batter, parotas, chapati, paneer, and curd.

It offers its items through its own website, fast commerce platforms, and hundreds of retail locations in India, the United States, the UAE, and the United Kingdom.

iD Fresh Food earned half of its revenue from the sale of various batter products, which totaled INR 198.75 crore in the fiscal year ending March 2024. In comparison, these items added INR 163 crore to their top line in FY23.

Meanwhile, the company generated INR 95.1 crore from parota sales, INR 101.6 crore from bread, and INR 68.6 crore from dairy goods, up 7.4%, 14%, and 6.9% year on year, respectively.

ID Fresh Food Expenses, Competitors, Funding

The startup’s total expenses grew slower than its revenue. Total expenditure increased by 8.4% to INR 398.75 crore in the fiscal year under review, up from INR 367.94 crore in FY23.

In the ready-to-cook food category, iD Fresh Food competes with established businesses such as MTR, Tata, Gits, and Aashirvad (ITC).

The firm last raised $68 million in a Series D fundraising round headed by NewQuest Capital Partner and Premji Invest in January 2022. It has raised more than $119 million in capital to date, with investors including Peak XV Partners and Helios Venture Partners, among others.

Earlier this year, the Bengaluru-based business hired Rajat Diwaker, a former top executive at FMCG major Marico, as its new India CEO.