Apax Partners to pick up 25% stake in iD Fresh Food for about Rs 1,300 crore

British private equity firm Apax Partners has announced that it will acquire a 25% stake in ready-to-cook breakfast foods company iD Fresh Food for around Rs 1,300 crore, according to sources close to the development. The deal values the Bengaluru-based company at close to Rs 4,500 crore.

Apax is said to have edged out several competing investors, including Carlyle, Kedaara, Permira, ChrysCapital, Multiples and Verlinvest, to clinch the transaction. This investment is expected to be among Apax Partners’ first pure-play consumer bets in India.

Founded in 2005 by PC Musthafa and four cousins, iD Fresh Food is backed by Premji Invest and TPG NewQuest. The company built its brand around home-style, preservative-free packaged breakfast batters.

Apax has invested about $3.6 billion across 13 transactions in India since 2007 and 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.

While idli and dosa batters remain its core products, iD Fresh has expanded its portfolio to include whole-wheat parathas, curd, paneer, instant filter coffee, coffee powder, frozen fruit pulp and chutneys. In November, ahead of a proposed public listing in 2027, the company announced leadership changes, elevating Abdul Nazer as co-chair and appointing Jaipal Singal as vice chairman, in addition to his role as global CFO.

The deal comes amid rising activity in India’s consumer sector. According to an October report by Equirus Capital, deal activity between January and September 2025 touched a four-year high, with food and beverages accounting for nearly three-fourths of the total deal value.