Apax Funds picks small stake in dosa, foods co iD Fresh

Global private equity firm Apax Funds has acquired a significant minority stake in iD Fresh Food, which makes ready-to-cook packaged food items.

- Priyamvada C.

The investment firm has acquired the stake from existing shareholders Premji Invest and TPG NewQuest, both of which will continue backing the company alongside its co-founder P.C. Musthafa, and his cousins, the companies said in a statement on Monday.

The financial terms of the transaction were, however, not disclosed.

Mint first reported in November on Apax’s interest to invest in iD Fresh. The report highlighted that the private equity firm, among others, is in talks to buy roughly 30% stake for about $1,200 crore in the company. The deal was expected to value the overall asset between $4,000 crore and $4,500 crore.

The latest investment will support iD's next phase of growth in India and internationally, said Rohan Haldea, partner, Apax.

“Apax Funds’ investment will allow us to accelerate growth, build capacity, broaden our product range, and scale into more cities and markets,” said Musthafa.