iD Fresh Food reports Rs 681 Cr revenue in FY25; profit surges over 5X

Ready-to-cook food brand iD Fresh Food maintained its growth momentum in FY25, following its turnaround in FY24 when it became profitable. The firm’s revenue grew 22% year-on-year in the fiscal year ending March 2025, while its profit jumped over 5X in the same period.

iD Fresh Food’s operating revenue rose to Rs 681.37 crore in FY25 from Rs 557.84 crore, its annual financial statements sourced from the Registrar of Companies (RoC) show.

The Bengaluru-based firm earned most of its revenue from the sale of finished goods such as parotas and various batters, which accounted for 76.2% of its total operating income at Rs 518.93 crore. The remaining 23.8%, amounting to Rs 162.2 crore, came from traded goods including dairy products, chapatis, beverages, frozen fruits and chutneys.

The item-wise revenue split is shown in the chart below:

iD Fresh Food’s cost structure shows that the cost of goods sold was its largest expense, accounting for 50% of total costs. This expense rose 17% to Rs 332.17 crore in FY25 from Rs 283.34 crore in FY24.

Meanwhile, employee benefits expenses rose 18% to Rs 143.91 crore, including ESOP costs of Rs 10.31 crore. Advertising and marketing expenses increased 11% year-on-year to Rs 52.34 crore.

Rent expenses rose 26% to Rs 27 crore, while transportation costs spiked 45% to Rs 18.93 crore in FY25. Other overheads including power and fuel, legal and professional fees, repairs and maintenance, and travel expenses added another Rs 87 crore, taking total expenses to Rs 661.49 crore.

Cash outflows from operating activities tripled to Rs 33.35 crore in FY25.

In the end, the company’s revenue growth outpaced the rise in total expenses. As a result, iD Fresh Food’s profit surged  over 5X to Rs 25.87 crore from Rs 4.43 crore in FY24. The deferred tax credit of Rs 24.88 crore has been excluded from the analysis, as it is a non-cash item and not part of the company’s core operations.

On a unit level, the Premji Invest-backed firm spent Rs 0.97 to earn a rupee of operating revenue in FY25, compared to Rs 1 in FY24. It also improved its EBITDA margin to 8.68% during the last fiscal year.

As of March 2025, iD Fresh Food recorded current assets worth Rs 206.74 crore including Rs 99.21 crore in cash and bank balance.

According to startup data intelligence platform TheKredible, iD Fresh Food has raised around $120 million to date from investors, with Premji Invest and NewQuest Capital among the lead backers.

The firm has done well to emerge as a key player in the processed foods market in India, carving out a niche in spaces that barely existed at this scale a decade back. In some ways, the journey of the firm reminds us of Hector Beverages, which has also struggled to scale as it promised to. Having said that, iD Fresh foods  success has spawned a host of followers as well, putting great pressure on margins. Distribution has become critical, especially with the Indian market still relatively sensitive to issues like shelf life of products etc. It would have been great to see the share of quick commerce versus offline channels for the firm, because we believe incremental growth would have been driven by the former possibly.  The profits, while good, are certainly not enough to expand the way the firm would like to invest possibly, even as expanding margins remains a battle against multiple similar firms with lower costs. iD Fresh Foods frankly deserves better, and we certainly hope the firm thinks up a breakthrough soon to stand out more as a pioneer.