Ready-to-cook packaged food company iD Fresh Food has appointed industry veteran Rajat Diwaker as the CEO for India, with PC Musthafa taking on the role of Global CEO. This move strengthens the company’s domestic and global leadership team, as mentioned in a media release on Friday.
Diwaker, an industry veteran with more than two decades of experience in the FMCG sector, previously held the position of managing director at Marico Bangladesh. Additionally, he serves as a director on the board of the Foreign Investors’ Chamber of Commerce and Industry (FICCI) in Bangladesh.
Musthafa will continue to serve as the chairman of the board of directors. His responsibilities encompass overseeing global expansions, developing food-tech capabilities, executing strategic acquisitions, fostering organizational culture, and spearheading innovative initiatives for iD Fresh in the global market.
In alignment with its growth strategy, iD Fresh will appoint dedicated Business Heads and CEOs for each international market. The company is currently in the process of hiring its CEO for the US market. Presently, more than one-third of its revenues are generated from outside India.
In 2024, it plans to enter new markets, such as Singapore and Australia, while expanding its footprints in the existing markets.
Commenting on the latest development, PC Musthafa, Global CEO, iD Fresh Food, said, “I am delighted to welcome Rajat Diwaker to the iD Fresh family. Under his able and forward-looking leadership, I’m confident that we will scale new heights and win more hearts in the years to come. And as we embark on new adventures, I am thrilled to lead the brand into new global markets, driven by the incessant consumer love that we have garnered over the years.”
The development comes at a time when there is an unprecedented surge in consumer demand for fresh and wholesome foods, along with promising opportunities for expansion in international markets. To harness this growth, the company is strategically planning an initial public offering (IPO) within the next three to four years.
The company had recently announced the appointment of Megha Latawa as its Chief Human Resources Officer (CHRO) for India and international markets, and Enakshi Dasgupta as Head of New Business and New Product Development (NPD). As the Bengaluru-based company accelerates its global growth plans, the focus is on strong leadership that paves the way for a bright future.
Funding Milestone for iD Fresh Food:
In 2022, it secured a funding of INR 507 crore in its Series D round, marking one of the largest deals in the food start-up sector. This funding round was spearheaded by a prominent global private equity firm specializing in the Asia-Pacific region, accompanied by the continued support of existing investor Premji Invest.
Established in 2005, the company now operates in over 45 cities spanning India, the US, and the UAE, boasting a team of over 1500 employees.
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