For FY 2021-22, the company eyes an ambitious target of Rs 500 crore, as the stage gets set for its next round of funding
iD Fresh Food, a Bengaluru-based startup, has announced its unaudited financial results for the Fiscal Year 2020-21. Driven by 24 per cent growth year-over-year, the company is poised to leverage its leadership position in the booming fresh food segment with strategic investments in new plants and expansion to new domestic as well as international markets.
Funded by Premji Invest, Azim Premji’s investment arm, and Helion Venture Partners, iD clocked a revenue of Rs 294 crore – a noteworthy growth from Rs 238 crore in 2019-20. That too, in a year marked by global disruptions due to the Covid-19 pandemic. For FY 2021-22, the company is looking at an ambitious target of Rs 500 crore, as the stage gets set for its next round of funding.
Commenting on the company’s performance and future plans, PC Musthafa, CEO and Co-founder of iD Fresh Food, said, “2020-21 has been a tough financial year and I am extremely proud of the fact that we, at iD, continued with our mission to serve people despite the challenges. In fact we emerged stronger and more resilient from the crisis. Our revenue growth is driven not just by our wide range of fresh food products across domestic and international markets, but also by our consumers’ 100 per cent trust in the brand. It inspires us to dream bigger and makes us feel confident about our ability to perform well in 2021 and beyond. This year we plan to invest nearly Rs 100 crore in new production plants in Delhi, Hyderabad and the US. We also hope to increase our footprint in key domestic markets such as Chennai, Delhi, Pune, Hyderabad and Kolkata, as well as overseas markets in Saudi Arabia, Oman, Bahrain and Qatar. This is going to be an exciting year for all of us.”
Despite the pandemic in 2020 and subsequent slump in the market, iD Fresh actively hired over 150 people across all its functions.