British private equity firm Apax Partners is poised to acquire a 25% stake in Bengaluru-based ready-to-cook breakfast staples maker iD Fresh Food for close to ₹1,300 crore, valuing the company at approximately ₹4,500 crore. The deal reportedly edges out rivals including Carlyle, Kedaara, Permira, ChrysCap, Multiples, and Verlinvest, making it one of Apax’s first pure-play consumer investments in India.
Founded in 2005 by PC Musthafa and four cousins, iD Fresh has built a strong presence in the market with its preservative-free, home-style packaged batters for idli and dosa, supported by a controlled logistics network that sets it apart from brands like MTR and Gits. Backed by Premji Invest and TPG NewQuest, the company has also expanded its product portfolio to include whole-wheat parathas, curd, paneer, instant filter coffee, coffee powder, frozen fruit pulp, and chutneys.
iD Fresh reported consolidated revenue from operations of ₹681.38 crore for FY25, a 22% increase from the previous year, and turned profitable in FY24, according to Registrar of Companies filings. Ahead of a planned public listing in 2027, the company implemented key leadership changes in November, appointing Abdul Nazer as co-chair and Jaipal Singal as vice-chair while retaining his role as global CFO.
Apax Partners, which has invested around $3.6 billion across 13 deals in India since 2007 and realised $5.2 billion through exits, has a portfolio that includes greytHR, Azentio Software, Infogain, GlobalLogic, Zensar, IBS Software, Fractal Analytics, Healthium, and Apollo Hospitals. Its India strategy under Harjot Dhaliwal, who took charge in January, focuses on premiumisation trends and online marketplaces across consumer and B2B sectors.
The deal underscores the growth of India’s organised consumer market, driven by rising incomes and a shift toward premium brands. According to investment banker Equirus Capital, deal activity in India’s consumer sector reached a four-year high between January and September 2025, with 115 transactions totaling over ₹21,200 crore, of which 74% was in the food and beverages segment.
This investment marks a significant milestone for iD Fresh as it prepares for a high-growth trajectory and eventual public listing, while highlighting Apax’s continued focus on premium consumer opportunities in India.
