iD Fresh Food

Blue Ashva Capital, an early investor in iD Fresh Food, has exited the fresh ready-to-cook food company by selling its entire holding in a ₹50 Cr secondary transaction.

Upsurge India, Triumph Global Fund and White Whale Ventures jointly led the deal. About 1% of iD Fresh’s equity was transferred.

Upsurge India said it originated and led the transaction, negotiated the commercial terms with the other co-leads, and acquired Blue Ashva’s full shareholding despite interest from other institutional buyers.

Blue Ashva said the sale provides liquidity for its first-vintage fund. The investor plans to focus further on deeptech investments.

Blue Ashva founder and CEO Satya Bansal said its original case for investing in iD Fresh rested on preservative-free products, semi-fermented batter technology and the company’s direct-to-retail distribution network.

The transaction changes the shareholder base of a company that says it holds 60-65% of its category across India and the Gulf region. iD Fresh sells fresh batter, Indian breads, chutneys, sambar and selected dairy products through manufacturing and refrigerated distribution.

Transaction inputs put iD Fresh revenue at approximately ₹558 Cr in FY24, ₹681 Cr in FY25 and above ₹870 Cr in FY26. The company is estimated to be expanding at 25-30% a year.

The sale follows Apax’s January 2026 purchase of a significant minority stake, a deal reported at approximately ₹1,500 Cr and an implied valuation of around ₹4,400 Cr. Premji Invest and TPG NewQuest received partial exits in that transaction.

iD Fresh’s India CEO Rajat Diwaker previously said the company was targeting operating revenue of ₹1,100-1,200 Cr by FY27. It also plans to prepare for an IPO in that fiscal year, alongside a pre-IPO secondary sale of about ₹1,200 Cr.