iD Fresh Food (“iD Fresh” or the “Company”), India’s leading clean label foods brand, today announced a strategic investment from Funds advised by Apax Partners LLP (“Apax”), the global private equity advisory firm. The Apax Funds will acquire a significant minority stake from existing shareholders Premji Invest and TPG NewQuest, both of which will remain investors alongside the Company’s co-founder, PC Musthafa, and the management team. Financial terms of the transaction were not disclosed.

Founded in 2005 in Bengaluru, iD Fresh was created to make fresh, preservative-free, traditionally prepared Indian food available at scale. From its origins supplying idli/dosa batter to local retailers, the Company pioneered a daily, direct-to-retailer cold-chain model that enables clean-label fresh products with a refrigerated shelf life of 5–7 days. Driven by strong consumer demand, iD Fresh has scaled to more than 50 cities across India and the Gulf and employs nearly 2,400 people today. Today, iD Fresh is India’s largest ready-to-cook fresh foods brand and the category leader in branded batter and Indian flatbreads, with an estimated 50–60% share in its core categories. Over the past few years, iD Fresh has demonstrated consistent and profitable growth, supported by double-digit EBITDA margins and overall growth of ~25%. Its portfolio includes Idli/Dosa batter, Indian flatbreads, accompaniments such as chutneys and sambar, and value-added dairy products.

PC Musthafa, co-founder & CEO of iD Fresh, said: “This partnership marks a defining moment in iD Fresh’s journey. From a modest batter-making unit to a brand trusted by millions of households, our growth has been anchored in one simple belief, that consumers deserve fresh, honest food with no shortcuts. The Apax Funds’ investment will allow us to accelerate growth, build capacity, broaden our product range, and scale into more cities and markets.”

Harjot Dhaliwal, Partner and Head of India at Apax, said: “iD Fresh has delivered strong, consistent growth in large, under-penetrated markets. We will work closely with the management team and leverage our consumer-packaged goods expertise to accelerate growth, including expanding distribution into new cities and channels, strengthening the brand through marketing and category-building, driving innovation in adjacent product categories, and using technology and analytics to optimise the Company’s fresh, daily-delivered supply chain.”

Rohan Haldea, Partner at Apax, said: “iD Fresh sits at the intersection of several powerful, long-term trends in India – rising incomes, rapid urbanisation, and consumers’ desire for convenient yet fresh, clean-label food at home. The Company has pioneered an innovative cold-chain model, built a brand that is synonymous with quality in its categories, and delivered strong, consistent growth while scaling profitability. With this investment, we are excited to partner with iD Fresh to support its next phase of growth in India and internationally.”

In the coming financial year, iD Fresh expects to build on its momentum through deeper penetration across domestic and international markets, new product innovations, accelerated channel expansion, and increasing consumer preference for fresh, convenient, clean-label food solutions.

The transaction is subject to customary regulatory approvals and closing conditions.

Ghent, 27 February 2025 – United Petfood, the European market leader in pet food, has announced an extension of its strategic partnership with investment fund Waterland. This collaboration, which began nearly nine years ago, is entering a new phase to support ambitious growth plans in Europe, the United States, and beyond.

“Over the past decade, we’ve achieved remarkable growth with Waterland by our side. Together, we’ve established United Petfood as a global leader in pet food production,” says Dominiek Dumoulin, founder and chairman of United Petfood. “Now we’re ready to take the next step with new investments and expansions to serve our customers even better around the world.”

Expanding Across Europe and the United States
United Petfood is actively growing its presence in both Europe and the United States. In Europe, the company is prioritizing geographic expansion and diversifying its product portfolio. New production facilities are being developed in countries such as Romania and Poland, while efforts are underway to strengthen its position in key markets like the UK, Denmark, and Portugal. In Poland, a new pet snack factory is being built, while snack production is being expanded in Spain. Additionally, the wet food factory in Poland is being upgraded to meet growing demand. In the United States, expansion is a key focus for United Petfood. The company recently acquired a dry food production facility in Indiana. “The U.S. market offers tremendous growth potential. We aim to bring this production site to full capacity quickly and are exploring further expansion opportunities, including potential new factories and acquisitions,” Dumoulin adds.

Commitment to Sustainable Growth and Product Diversification
United Petfood is committed to offering a comprehensive and diverse range of products to customers worldwide. “While dry food remains our largest segment, we’re making significant investments in wet food and snacks to meet the growing demand for innovative, premium pet food,” explains Dries Eeckhout, CEO of United Petfood. Recent investments have significantly increased production capacity for wet food and snacks, allowing the company to provide a broader and more complete range of products to its customers. Sustainability is a core pillar of United Petfood’s growth strategy. “Our aim is not just to grow but to do so responsibly and sustainably. By strategically investing in our facilities, teams, and processes, we’re ensuring that our growth is built to last,” Eeckhout says. “The dedication, expertise, and entrepreneurial spirit of our employees have been instrumental in driving our growth and international expansion over the years.”

Renewed Partnership and Financial Structure
To enable these ambitious growth plans, United Petfood and Waterland have renewed their partnership. Waterland recently secured a new fund from institutional investors, which has resulted in an updated capital structure and an extended investment horizon, while maintaining the same collaborative framework. The focus remains on strengthening the company’s position in existing markets and seizing new opportunities worldwide.

Looking to the Future
With 25 factories across Europe, the United States, and Turkey, exports to more than 100 countries, and revenues exceeding €1.3 billion in 2024, United Petfood’s growth shows no signs of slowing down. Beyond its expansions in Europe and the U.S., the company is also eyeing opportunities in markets like Asia. “Our mission is to stay close to our customers and offer an innovative, wide-ranging product portfolio. Together with Waterland, we’re determined to realize this vision and further solidify United Petfood’s position as a global leader in pet food,” Dumoulin concludes.

About United Petfood 
United Petfood is a leading producer of pet food, specializing in dry and wet food, biscuits, and snacks for dogs and cats. The company primarily manufactures private label products and collaborates closely with customers worldwide. With over 2,600 employees and a strong focus on quality, innovation, and sustainability, United Petfood continues to meet the demands of the rapidly growing pet care market. For more information, please visit: www.unitedpetfood.com

Press Contact:
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21