iD Fresh Food is gearing up for a fresh start in the US this year, as confirmed by a top company executive. After facing a setback last year, the company is determined to relaunch its operations successfully. As part of this revitalization, iD Fresh Food plans to introduce two popular food products, namely parotta and chapati, into the US market.
According to PC Musthafa, the CEO and Co-Founder, the company ventured into the US market in April 2022 with its immensely popular product, parotta. Regrettably, the endeavor did not achieve the anticipated success due to various distribution obstacles.
The company further extended its reach to various international markets, such as Saudi Arabia, the UK, and, to a limited extent, Singapore. Currently, its international operations account for roughly one-third of its overall revenue.
Furthermore, iD Fresh has strategic plans to set up six factories on an international scale.
In addition to expanding its market presence, iD Fresh has an exciting lineup of products scheduled for launch this year. Elaborating , the CEO said, “The new product development initiatives will be aimed at solving consumer problems and will be free from any chemicals or preservatives. The products being planned include ready-to-cook batters, Indian bread, fresh breakfast food items, frozen food, and a health portfolio comprising both food and beverages.”
It is working on nine sets of products and intends to launch a couple of them in the next few quarters.
According to the CEO, iD Fresh manages a diverse range of product portfolios including wet batter, dairy, parotta, coffee, and more. The wet batter and parotta segments are particularly prominent, accounting for an estimated market share of approximately 70-75 percent.
Moreover, in terms of revenue contribution, the wet batter segment constitutes approximately 38-39 percent of the company’s total revenues. The parotta segment holds a significant share as well, accounting for around 30 percent of the revenue. The dairy segment, on the other hand, contributes approximately 15 percent to the overall revenue of the company.
The company claims to have recorded consistent growth, achieving an annual turnover of INR 524 crore in FY23, and is expecting to close FY24 at around INR 700 crore. Going forward, the spokesperson stated, “Regarding profitability this year, we anticipate a growth of approximately 40 percent and a close-to-double-digit EBITDA.”
While there are currently no immediate plans to secure additional funds, iD Fresh has already raised an impressive sum of around INR 300 crore thus far.
