British private equity firm Apax Partners has agreed to acquire a 25 per cent stake in Bengaluru-based ready-to-cook breakfast foods company iD Fresh Food for around Rs 1,300 crore, according to sources familiar with the transaction. The deal places the company’s valuation at close to Rs 4,500 crore.
Sources said Apax emerged as the winning bidder after a competitive process that saw interest from several domestic and global investment firms, including Carlyle, Kedaara Capital, Permira, ChrysCapital, Multiples and Verlinvest. The transaction is expected to be among Apax Partners’ first pure-play consumer sector investments in India.
Competitive bidding and consumer focus
The investment underscores growing investor appetite for India’s branded food and consumer staples space, particularly companies with strong regional roots and scalable business models. Apax’s move into iD Fresh signals a strategic expansion beyond its traditionally technology- and services-heavy India portfolio.
Founded in 2005 by PC Musthafa along with four cousins, iD Fresh Food built its brand on the promise of home-style, preservative-free packaged breakfast solutions, beginning with idli and dosa batter. The company is currently backed by Premji Invest and TPG NewQuest.
Portfolio expansion and leadership changes
While idli and dosa batters continue to be its core offerings, iD Fresh has steadily diversified its product portfolio over the years. Its range now includes whole-wheat parathas, curd, paneer, instant filter coffee, coffee powder, frozen fruit pulp and a variety of chutneys.
In November, as part of preparations ahead of a proposed public listing in 2027, the company announced a set of leadership changes. Abdul Nazer was elevated to the role of co-chair, while Jaipal Singal was appointed vice chairman in addition to continuing as the company’s global chief financial officer.
Apax’s India track record
Apax Partners has invested approximately $3.6 billion across 13 transactions in India since 2007. Over the same period, it has realised around $5.2 billion through eight full exits and one partial exit. Its India portfolio includes companies such as greytHR, Azentio Software, Infogain, GlobalLogic, Zensar, IBS Software, Fractal Analytics, Healthium and Apollo Hospitals.
Consumer deals gain momentum
The iD Fresh transaction comes at a time of heightened deal activity in India’s consumer sector. According to an October report by Equirus Capital, deal-making between January and September 2025 reached a four-year high, with food and beverages accounting for nearly three-fourths of the total deal value during the period.
This surge reflects sustained investor confidence in India’s consumption story, driven by changing food habits, premiumisation and the growing demand for branded, convenience-led products.
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