British private equity firm Apax Partners is set to acquire a 25% stake in Bengaluru-based iD Fresh Food for around ₹1,300 crore, valuing the ready-to-cook (RTC) breakfast staples maker at nearly ₹4,500 crore, according to people familiar with the development. The deal marks one of Apax’s first pure-play consumer investments in India and reflects rising investor interest in premium, branded food businesses.
Apax emerged as the preferred investor after a competitive process that saw interest from global and domestic private equity firms, including Carlyle, Kedaara Capital, Permira, ChrysCapital, Multiples and Verlinvest. Deal terms have been finalized, the people cited said, though iD Fresh and Apax Partners declined to comment.
Founded in 2005 by PC Musthafa and four cousins, iD Fresh has built a strong niche in the packaged foods market by offering home-style, preservative-free idli and dosa batters supported by a controlled cold-chain logistics system. This differentiated model helped the company stand apart from traditional packaged food brands such as MTR and Gits. iD Fresh is currently backed by Premji Invest and TPG NewQuest.
For FY25, iD Fresh reported consolidated revenue from operations of ₹681.38 crore, a 22% increase year-on-year, according to Registrar of Companies filings. The company turned profitable in FY24. While idli and dosa batter remain its core products, the portfolio has expanded to include whole-wheat parathas, curd, paneer, instant filter coffee, coffee powder, frozen fruit pulp and chutneys.
The investment aligns with Apax Partners’ focus on India’s premiumisation trend and the shift from unorganised to organised consumption. Apax has invested about $3.6 billion across 13 transactions in India since 2007 and has realised $5.2 billion through multiple exits. Its India portfolio spans technology, healthcare and consumer-linked businesses.
iD Fresh has also undertaken leadership restructuring ahead of a proposed public listing in 2027. In November, the company elevated co-founder Abdul Nazer as co-chair and appointed Jaipal Singal as vice chairman while continuing as global CFO.
The deal comes amid heightened activity in India’s consumer sector. According to investment bankers, consumer deals reached a four-year high in 2025, with food and beverages accounting for nearly three-fourths of total deal value, underscoring sustained investor appetite for scalable, premium food brands.