The Rainmaker Group advised Apax Partners on its investment for a significant minority stake in iD Fresh - India’s largest fresh, preservative-free ready-to-cook foods brand. The transaction allowed partial exit for the early backers - Premji Invest and TPG NewQuest, who will continue to hold a stake in the company.
The Rainmaker Group acted as the exclusive buy-side financial advisor to Apax Partners in this transaction.
From a modest batter-making unit to a brand trusted by millions of households, iD's growth has been anchored in one simple belief, that consumers deserve fresh, honest food with no shortcuts. iD sits at the intersection of several powerful, long-term trends in India – rising incomes, rapid urbanisation, and consumers’ desire for convenient yet fresh, clean-label food at home. iD Fresh currently operates in 50+ cities across India and the Gulf with 50-60% market share across the branded batter and Indian flatbreads categories, & employs ~2,400 people globally.
This investment will support iD's next phase of growth in India and internationally, allowing iD to accelerate growth, build capacity, broaden its clean-label product range, and scale market footprint to the GCC, Europe and North America.
Harjot Dhaliwal, Partner and Head of India at Apax, said, “iD Fresh has delivered strong, consistent growth in large, under-penetrated markets. We will work closely with the management team and leverage our consumer-packaged goods expertise to accelerate growth, including expanding distribution into new cities and channels, strengthening the brand through marketing and category-building, driving innovation in adjacent product categories, and using technology and analytics to optimise the Company’s fresh, daily-delivered supply chain. In the course of the transaction, it was an absolute delight working closely with the Rainmakers. Avijit, Kashyap & Anjal had in-depth knowledge of the company and the broader competetive landscape of consumer food brands"
Avijit Goel, from The Rainmaker Group said, “Scaling a fresh food platform in India requires more than a strong brand - it demands operational excellence, disciplined capital allocation, and the ability to build repeatable systems at scale. iD Fresh Food has consistently demonstrated these qualities. The business has combined category leadership with robust unit economics, capital-efficient growth, and a deep consumer moat built on trust and product integrity. Apax Partners’ investment marks a pivotal step in iD’s evolution, bringing strategic capital and global expertise to support the company’s next phase of expansion across India and international markets. With a proven management team, strong governance, and a clear roadmap for value creation, iD is exceptionally well positioned to scale into a global leader in fresh, clean-label ready-to-cook foods.”
About iD Fresh Food
Founded in 2005, iD Fresh Food began operations by supplying idli and dosa batter to local retailers in Bengaluru. iD Fresh expanded its product portfolio, to make fresh, preservative-free, traditionally-made Indian food available at scale. Over the years, it has expanded its geo footprint to 50+ cities across India and the Gulf region. What started as a local distribution model has evolved into a large-scale operation supported by a direct-to-retailer cold-chain network.
About The Rainmaker Group
The Rainmaker Group is the investment banking partner of choice for India’s private businesses as they traverse their fundraising journey - from their first growth round to pre-IPO. The firm has delivered growth equity and secondary transaction milestones for over a dozen unicorns, soonicorns, and now-listed businesses.
The firm’s ‘rainmakers’ pride themselves on a founder-like mindset and a proprietary execution process that has delivered industry-leading closure rate and client retention. The Rainmaker Group’s relationship with global investors is underpinned by thoughtful client selection and an insight-driven approach to dealmaking.
To know more about The Rainmaker Group, get in touch with
Dhwani Mehta - dhwani.mehta@trmg.in
