British private equity firm Apax Partners is set to acquire a 25% stake in Bengaluru-based iD Fresh Food for approximately ₹1,300 crore, valuing the company at close to ₹4,500 crore. The transaction marks one of Apax’s first pure-play consumer investments in India and underscores the growing investor appetite for scalable, trust-led food brands.
Apax reportedly outbid several prominent investors, including Carlyle, Kedaara, Permira, ChrysCapital, Multiples and Verlinvest, to secure the deal. Founded in 2005 by PC Musthafa and four of his cousins, iD Fresh Food has carved a niche in the Indian market by offering home-style, preservative-free packaged breakfast solutions. The brand initially gained traction with its idli and dosa batters and has since become a household name, particularly in urban India.
Backed by Premji Invest and TPG NewQuest, iD Fresh has steadily expanded its product portfolio beyond batters to include whole-wheat parathas, curd, paneer, instant filter coffee, coffee powder, frozen fruit pulp and chutneys. This diversification has helped the company tap into a wider share of the everyday consumption basket while staying true to its core promise of freshness and quality.
Apax Partners has invested nearly $3.6 billion across 13 deals in India since 2007 and has realised around $5.2 billion through multiple exits. Its Indian portfolio spans sectors such as technology, healthcare and analytics, with investments in companies like GlobalLogic, Zensar, Fractal Analytics and Apollo Hospitals.
The investment in iD Fresh comes at a time when India’s consumer sector is witnessing heightened deal activity. An October report by Equirus Capital noted that deal values between January and September 2025 reached a four-year high, with food and beverage companies accounting for nearly three-fourths of the total value. With an IPO planned around 2027 and recent leadership restructuring already in place, iD Fresh appears well-positioned for its next phase of growth.
