Packaged foods maker iD Fresh Food is targeting an IPO around October 2027, with CEO Rajat Diwaker stating the timing will depend on market conditions rather than internal readiness. According to reports from Mint, the company aims to achieve profitability levels comparable to India's top-performing listed packaged-food companies before going public. As CEO Diwaker explained, "In terms of the profitability, we see ourselves being ready for public markets when we are able to achieve PAT where the best-in-class listed FMCG companies are." This benchmark is set by Nestle India and Britannia Industries, which reported FY26 profit-after-tax margins of 14.52% and 13.4% respectively.
The company expects its international business to grow faster than domestic operations over the next two years, with international markets currently accounting for nearly one-third of iD Fresh's business. As reported by Mint, CEO Diwaker noted that "being a relatively smaller business, we see a lot of opportunities to grow in international markets." The Gulf Cooperation Council (GCC) region contributes the bulk of overseas revenue, with the company operating a manufacturing facility in Ajman, UAE. iD Fresh plans to expand distribution across the UK, US, Canada, Sri Lanka, and Singapore while maintaining its manufacturing model where 95% of processing is carried out at Indian or Ajman plants, with only 5% completed in destination markets. This approach allows the company to scale overseas without setting up full-fledged manufacturing facilities in every country.
iD Fresh reported revenue of ₹688 crore in FY25 with a profit after tax of ₹50.8 crore, according to market intelligence platform Tracxn. The Bengaluru-based company, founded in 2005 by P.C. Musthafa and his four cousins, has raised approximately $126 million from investors including Apax Partners, TPG Partners and Premji Invest. It was last valued at $491 million in February 2021, as reported by Tracxn. The company has been transforming its portfolio since FY24 and plans to double its size by the time it goes public, with new products already accounting for a double-digit share of revenue.
The ready-to-cook market is experiencing rapid growth, with the chilled batters segment in the organized segment expected to reach a gross merchandise value of $400 million in 2025, according to Redseer Strategy Consultants. Large consumer goods companies have identified this opportunity, with Orkla India Ltd reporting ₹209 crore in revenue from its convenience foods business in the March quarter of FY26. As CEO Diwaker acknowledged, "We are the market leaders. Every time there is a new competitor, they gain share from the market leader. We believe more competition helps grow the category." iD Fresh has entered the Indian snacks market, competing with players such as Haldiram's and Sweet Karam Coffee, while also competing with established players in the ready-to-cook segment.
The company has been transforming its portfolio since FY24 and plans to double its size by the time it goes public, with new products already accounting for a double-digit share of revenue. According to Mint, iD Fresh has raised prices by up to 20% on certain products to offset higher packaging costs, while keeping retail prices steady on items more sensitive to price changes. The company has also entered the snacks category, competing directly with established players in the market. CEO Diwaker emphasized that "new product development and adjacent category expansion are expected to become meaningful revenue contributors," supporting the company's growth strategy ahead of its planned IPO.
