Packaged food brand iD Fresh's revenue rises 16% to Rs 558 crore in FY24; turns profitable

Bengaluru-based packaged food startup iD Fresh has achieved profitability in FY24, reporting a net profit of Rs 4.56 crore, according to filings with the Registrar of Companies.

This marks a turnaround for the startup, which had recorded a net loss of Rs 32.8 crore in FY23.

Revenue growth

iD Fresh reported an operating revenue of Rs 557.84 crore in FY24, up by 16.3% compared to the Rs 479.29 crore it earned in the previous fiscal year.

The rise in revenue reflects the brand’s growing market presence, especially in its core product categories like ready-to-cook batters and frozen food. However, this growth in revenue came alongside an 8% increase in total expenses, which reached Rs 558.2 crore.

Higher material costs, employee benefits, and additional expenses related to advertising and marketing drove the rise in costs.

Product segment performance

iD Fresh’s ready-to-cook batters, which is its largest product segment, witnessed a 24% year-on-year growth in sales, reaching Rs 237 crore.

The company’s second-largest segment, parotta, also experienced a 10% increase in sales, amounting to Rs 183 crore.

Expansion into the spice market

To diversify its product offerings, iD Fresh recently announced its entry into the spices market. The startup launched three new products—red chilli powder, garam masala, and sambar powder—as part of its strategy to broaden its portfolio and attract more customers.

It also plans to strengthen its presence in northern India, where it currently has limited market penetration.