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iD Fresh Food in exclusive negotiations with Apax Partners for USD 150 mn deal
The ready-to-cook brand is also backed by the likes of TPG NewQuest and Premji Invest.
The report states that the potential deal size is around USD 150 million (Rs 1,338 crore), valuing the company at approximately USD 500 million (Rs 4,460 crore).
Global private equity advisory firm Apax Partners has moved ahead of other interested investors and entered exclusive negotiations to acquire a minority stake in iD Fresh Food, according to a Moneycontrol report.
The ready-to-cook brand is also backed by the likes of TPG NewQuest and Premji Invest.
The report states that the potential deal size is around USD 150 million (Rs 1,338 crore), valuing the company at approximately USD 500 million (Rs 4,460 crore).
If discussions with Apax Partners do not result in a final agreement, other private equity funds may re-enter the bidding process.
Permira Private Equity, ChrysCapital, Carlyle, L Catterton, Kedaara Capital, Verlinvest and Multiples have also been mentioned in earlier reports as potential suitors, the report stated.
As per Trackn.com data cited by Moneycontrol, iD Fresh Food has raised USD 120 million in total equity funding, with a post-money valuation of USD 270 million as of December 2021.
In India, Apax Partners has invested in companies such as Infogain, Zensar Technologies, IBS Software, Fractal Analytics, Healthium Medtech, and Apollo Hospitals.
Founded in 2005 by chairman and global CEO PC Musthafa in a small Bengaluru kitchen, iD Fresh Food now operates across India, UAE, UK, US, Saudi Arabia, Oman, Qatar, Ireland and Singapore. Its product portfolio includes idli-dosa batter, parota, paneer, curd, chutneys, sambar, ready mixes, and instant filter coffee liquids.
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